India's CreditAccess Grameen down as fall in asset quality weighs on Q1 results

CreditAccess Grameen

22/07/2024 08:30

** Shares of CreditAccess Grameen  CRDE.NS  down 2.3% at
1,255 rupees
    ** Stock among top losers in Nifty small-cap index
 .NIFSMCP100 , which is up 0.5%
    ** Microfinance co on Friday reported Q1 profit below some
analysts' estimates, hurt by lower growth in assets under
management and higher credit costs
    ** Implementation of new measures suggested by regulator
will lead to lower-than-expected credit growth for FY25 and
slightly higher delinquencies, Systematix said in a note
    ** Higher credit costs, moderation in loan growth will weigh
on profitability metrics in FY25-FY26, HDFC Securities said
    ** At least 10 analysts trim PT on "strong buy" rated stock
after results,; median PT down at 1,747.50 rupees vs 1,825
rupees, a month back - LSEG data
    ** Stock among top losers in small-cap index YTD, down 20%
vs 22% gains in index

 (Reporting by Sethuraman NR in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 9945291420); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))