Mid-cap finance company surges 8.83% today after reporting 86% rise in net profit!
As the financial season heats up, CreditAccess Grameen Ltd reported impressive results and hit new 52-week high.
In comparison to the same quarter last year, the company's net profit for the fourth quarter that ended on March 31, 2023, increased by 86.37% to Rs. 296.57 crore from Rs 159.13 crore on a consolidated basis. In Q4FY23, the company's total revenue climbed by 29.32% to Rs 1,066.24 crore from Rs 824.48 crore in the similar quarter the year prior.
The company reported 133.96% increase in net profit for the year ended March 31, 2023, from Rs 353.07 crore to Rs 826.06 crore on a consolidated basis. When compared to the year ended March 31, 2022, the company's total revenue climbed by 29.11%, reaching Rs 3,550.79 crore for the year under review as compared to Rs 2,750.13 crore for year ended March 31, 2022.
Share Price Movement:
In the last trading session, it closed at Rs 1087.40. Today it opened at Rs 1129.95 and touched a high of Rs 1183 and a low of Rs 1123.40. Currently it is trading at Rs 1147.50 up by 5.53% as of now total 47,250 shares were traded over the counter at BSE.
The BSE group 'A' stock has a market cap of around Rs 18,200 crore and today it hit new 52-week high of Rs 1183 and it has 52-week low of Rs 834.10.
CreditAccess Grameen is a prominent micro-finance institution in India, headquartered in Bangalore. It specializes in offering micro-loans to women customers primarily residing in rural areas. The institution provides a diverse range of lending products that cater to the crucial needs of its customers at various stages of their lives.
These products include loans for income generation, family welfare, home improvement, and emergencies. By focusing on underserved rural customers who lack access to traditional banking services, CreditAccess Grameen taps into a significant opportunity to provide micro-loans. What sets it apart from competitors and fosters customer loyalty is its comprehensive understanding of customer requirements, coupled with the flexibility of loan options in terms of loan sizes, purpose, and repayment choices.
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