Motilal Oswal's research report on Muthoot Finance
PAT grew 22% YoY to INR10b in 4QFY21, in line with our estimate. Strong loan growth, despite falling gold prices, was the key surprise in 4QFY21. The company delivered 26% gold loan growth in FY21. NII/PPOP/PAT growth was also healthy at 15%/23%/23%. On account of the strong performance, we upgrade our FY22E/FY23E EPS estimate by 3-4%.
Outlook
We maintain our Buy rating with a TP of INR1,725/share (3x FY23E BVPS).
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