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Muthoot Finance Reports Impressive Performance in Q3 FY24: A Deep Dive



Muthoot Finance, a leading name in the financial services sector, has once again proven its mettle with an impressive performance in the third quarter of the financial year 2023-24. Let’s unpack the details and understand what makes this quarter so significant for this gold Finance company and its stakeholders.

A Surge in Consolidated Loan AUM

The company reported a remarkable 27% Year-on-Year growth in its Consolidated Loan Assets Under Management (AUM), reaching a whopping Rs 82,773 Crores. This growth shows the reliability of customers over other gold financing firms.

Record-Breaking Gold Loan Advances

Muthoot Finance has always been a trusted name in gold loans, and this quarter, they’ve outdone themselves. The company achieved its highest ever gross gold loan advance in the first nine months of a year, totaling Rs 120,856 Crores. Notably, the gold loan AUM saw a 22% YoY increase, amounting to Rs 12,397 Crores. Meanwhile, check our comparison report for Muthoot Finance and Manappuram Finance.

Unprecedented Interest Collection

The interest collection for the first nine months of the year reached an all-time high of Rs 8,149 Crores. This achievement reflects the company’s efficient management and operational excellence.

Profits Soar

The increase in profit is yet another highlight, with the Consolidated Profit After Tax witnessing a 23% YoY increase, standing at Rs 3,285 Crores. The Standalone Profit After Tax also saw a significant rise of 16% YoY, amounting to Rs2,993 Crores.

Expansion and Recognition

Muthoot Finance’s growth isn’t just in numbers. The company expanded its footprint by opening 487 new branches and raised Rs 480 crores through its 33rd Public Issue of Secured Redeemable Non-Convertible Debentures. The period also saw Muthoot Finance receiving multiple industry recognitions, further solidifying its position as a leader in the financial sector.

Subsidiary Performance

Muthoot Finance’s subsidiaries have also shown remarkable growth. Belstar Microfinance and Muthoot Homefin reported significant increases in disbursements, loan AUM, and profits. Muthoot Money, too, showcased impressive growth in loan AUM and turned a profit in 9M FY24 compared to a loss in the previous year.

Forward-Looking Statement

The Board of Directors of Muthoot Finance convened to approve these outstanding results, marking a quarter of robust growth and strategic advancements. As company continues to expand and innovate, it remains focused on delivering exceptional value to its customers and shareholders alike.

Wrapping Up

Muthoot Finance’s Q3 FY24 performance is not just about numbers but a reflection of the company’s resilience, customer trust, and forward-thinking approach. As we look ahead, Muthoot Finance is well-positioned to navigate future challenges and seize growth opportunities, continuing its legacy of excellence in the financial services sector.

For anyone looking to understand the financial health and future prospects of Muthoot Finance, this quarter’s results are a clear indicator of the company’s strong market position and growth trajectory. Stay tuned for more updates as company continues to redefine the financial landscape in India and beyond. Moreover, stock for Muthoot trades at just a PE of 12. But, be carefull before investing as the lending firm has competition from well established banks.

Disclaimer: This blog post is for informational purposes only and reflects the financial performance of Muthoot Finance for Q3 FY24 based on publicly available data. Readers are advised to conduct their own research or consult a financial advisor before making any investment decisions.


Dwarikesh Sugar Industries Ltd. Announces Share Buyback




Mumbai, March 8, 2024Dwarikesh Sugar Industries Ltd. has announced its decision to buy back shares from its shareholders. Let us explore the implications of this decision for the retail investors in this blog.

What’s Happening?

The company plans to buy back 30,00,000 fully paid-up equity shares. These shares have a face value of Re. 1 each. Dwarikesh Sugar is offering Rs. 105 for each share, making the total buyback amount up to Rs. 31.50 crores. This buyback is about 1.59% of the company’s total paid-up equity share capital.

Why This Matters

Whenever a company buyback shares, its a good sign as it indicates the confidence of promoters on the company. By buying back shares, a company can offer a return to shareholders, potentially increasing the value of remaining shares. It also shows that the company is in a strong financial position, capable of returning money to shareholders.

Shareholder Participation

Shareholders who own shares as of March 20, 2024, the record date, are eligible to participate in this buyback. The buyback process will be carried out through a tender offer, where shareholders can offer some or all of their shares back at the stated price. So, do you hold Dwarikesh sugar and willing to participate?

Company’s Commitment

The board’s decision to proceed with this buyback reflects Dwarikesh Sugar’s commitment to its shareholders. It aims to improve shareholder value and optimize the company’s capital structure.

Next Steps for Shareholders

Details about how to participate in the buyback, including the procedure for tendering shares, will be shared with eligible shareholders through an offer document. We will keep you updated on Tradealone as well.

About Dwarikesh Sugar Industries Ltd.

Dwarikesh Sugar is a significant player in the sugar industry, with operations spanning sugar production, by-products, and value-added products like ethanol and power. The company operates three plants in Uttar Pradesh with a strong focus on sustainability and efficiency.

For further information, shareholders can consult the official BSE notification.

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Sigachi Industries Limited and iMass Investment signs a Joint Venture in the UAE. Stock moves 5% up



Sigachi Industries Limited, a well known name in pharmaceuticals, and iMass Investment have signed a joint venture, Sigachi Global. This partnership marks a strategic entry into the emerging food and pharma market of the United Arab Emirates.

Sigachi Global: A Fusion of Expertise

Sigachi MENA FZCO, a wholly-owned subsidiary of Sigachi Industries, and iConsult Trading Consultancy LLC, under the iMass Investments umbrella, have created Sigachi Global. This joint venture symbolizes a fusion of Sigachi’s pioneering technology in Pharma (excipients and APIs), Food and Nutrition, and iMass/iConsult’s profound market insights. Holding a 75% stake, Sigachi MENA FZCO, with iConsult’s 25%, sets the stage for an ambitious journey with projected revenues of USD 54 Million by 2029.

Strategic Expansion into the UAE Market

Amit Raj Sinha, CEO of Sigachi Industries, expressed enthusiasm for the partnership. He highlighted the unique combination of iConsult’s market acumen and Sigachi’s innovative products. “This collaboration not only aligns with our vision to broaden our global footprint,” Sinha noted, “but also enables us to meet the dynamic needs of the food and pharma sectors with high-quality ingredients and solutions.”

Khaled A. Al Mass, the visionary founder of iMass Investments and chairman of iConsult, shared his excitement about the venture. “Our partnership with Sigachi is a testament to our commitment to driving innovation and sustainable growth within the Gulf’s food and pharma industries,” he remarked. “Together, we’re set to redefine standards and cater to the specific requirements of our customers.”

The Joint Venture’s Offerings and Goals

Sigachi Global aims to capitalize on the synergies between Sigachi’s state-of-the-art technology and iMass/iConsult’s extensive market knowledge. This strategic alignment is poised to deliver unparalleled products and services to the GCC market.

Vision for the Future

This joint venture is a shared vision to foster growth, innovation, and sustainability in the food and pharma sectors. By combining their strengths, Sigachi and iMass are aiming to meet the current demands of the market and shape future trends.

About Sigachi Industries Limited

With over three decades of dedication, Sigachi Industries has cemented its position as a trusted partner in the global pharma and nutraceutical sectors. The company’s commitment to quality is reflected in its diverse product range. Based in Hyderabad, India, Sigachi continues to expand its global presence, with subsidiaries in the US and UAE.

About iMass Investments

Since its inception in 2007, iMass Investments has been at the forefront of fostering innovative partnerships and pursuing ambitious projects. Headquartered in Abu Dhabi, the company leverages its strategic Middle Eastern location to expand its influence globally, driven by a commitment to excellence and innovation.

For more information, please contact:

  • Sigachi Industries Limited
  • Email:
  • Customer Service: +91 40 40114874 – 76
  • Website:
  • iMass Investments
  • Explore further ventures and projects at iMass Investments.

Embark on this transformative journey with Sigachi Global, where innovation meets excellence, shaping the future of the food and pharma industries in the UAE and beyond. Keep following us for more such news. Check a list of multibagger stocks here.

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ICICI Direct Sets a Buy Rating on Star Cement with a Target Price of ₹240



Star Cement (SCL) dominates the northeastern Indian cement industry and is on track for significant growth, driven by strategic capacity expansions and a strong operational framework. The company currently boasts a cement capacity of 5.7 million tonnes per annum (mtpa), which includes an essential integrated unit in Meghalaya and grinding units in Assam and West Bengal. Star Cement has laid out a strategic roadmap to significantly enhance its production capacity.

Expansion: The Path to Doubling Capacity

Star Cement’s vision extends far beyond current achievements. With plans to escalate its grey cement capacity to 9.7 mtpa by FY26 and a long-term goal to hit 20 mtpa by 2030, the company is gearing up for substantial growth. The upcoming expansions include two grinding units in Assam and a clinker unit in Meghalaya, expected to be operational by Q4FY24 and Q2FY26, respectively. This expansion is not just about volume; it’s a strategic move to cement Star Cement’s market leadership in the northeast, aiming to elevate its market share from 24-25% to 30-32%.

Superior Margins: A Competitive Edge

Star Cement enjoys a distinct advantage in the northeast, thanks to its favorable market mix and government incentives, which have historically secured it superior EBITDA margins. With a current EBITDA/ton at ₹1244 in 9MFY24, the company’s focus on cost efficiencies, premium cement offerings, and operational leverage is expected to boost its EBITDA/ton to ₹1489 by FY26E.

Financial Health and Valuation

ICICI Direct’s analysis forecasts a revenue CAGR of ~12% over FY23-26E, with EBITDA and PAT CAGR at ~22% and ~24%, respectively. Despite the significant capital expenditure for its expansion, Star Cement is expected to maintain a healthy balance sheet, projecting a net cash position in FY26E. This financial stability, coupled with an anticipated improvement in asset turnover and margins, underscores the company’s robust return ratios.

The valuation of Star Cement at 8.8x EV/EBITDA on an FY26E basis presents an attractive investment proposition, reflecting confidence in the company’s growth potential and market position enhancement in the northeast. Therefore, ICICI Direct assigns a target price of Rs 240 to Star Cement, categorizing it as a “BUY” with high conviction.


Star Cement stands at a pivotal juncture, with strategic expansions set to drive volume growth and further solidify its leadership in the northeast Indian cement sector. The company’s focus on enhancing margins, coupled with its ambitious capacity expansion plans, positions it as a compelling investment opportunity. Over the last few year stock price for Star cement has almost doubled and market cap has grown to 8k crores.

Also read the full report by ICICI Direct here. Keep following Tradealone for latest news.

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