India's CreditAccess Grameen drops after downbeat Q2 results

CreditAccess Grameen

28/10/2024 07:29

** Shares of CreditAccess Grameen  CRDE.NS  shed 5.4% to
928.80 rupees
    ** Stock set for seventh straight losing session, if losses
hold
    ** Microfinance institution's Q2 consol net profit slumped
46.7% Y/Y
    ** CRDE's track record of better-than-industry performance
was derailed in Q2 due to high credit costs, ICICI Securities'
analysts say
    ** Prolonged stress from disruption in loan repayments,
tight cashflow and transient impact of heavy rainfall in some
geographies to hurt FY25 earnings - ICICI Securities
    ** At least 10 analysts have cut PT on "buy"-rated stock
since results, median PT is 1,214 rupees vs 1,650 rupees last
month - LSEG data
    ** Stock down ~42% YTD


 (Reporting by Kashish Tandon in Bengaluru)
 ((Kashish.tandon@thomsonreuters.com))