India's CreditAccess Grameen hits record high on Q4 profit jump

CreditAccess Grameen

17/05/2023 06:49

** Shares of CreditAccess Grameen Ltd  CRDE.NS  rise as much
as 8.97% to a record high of 1,183.30 rupees
    ** Stock on track for a third consecutive session of gains,
if trends hold
    ** Co on Tuesday reported 86.4% YoY rise in Q4 consolidated
profit while its total revenue rose 29.6% YoY
    ** "CRDE beats its own FY23 loan guidance of ~25% YoY by
delivering ~27% YoY loan growth led which by active customer
addition and healthy customer retention at 88%", said Brokerage
Equirus Securities
    **  Adds, it expects ROA/ROE for FY24E to be ~4.8%/~20%;
maintaining "long" rating for the stock while raising PT to
1,385 rupees from 1,350 rupees
    ** Share price above 50-day, 100-day and 200-day exponential
moving averages since April 17, suggesting bullish trend
    ** More than 1.4 mln shares change hands by 11:07 a.m. IST,
highest since Feb. 7, 2022
    ** Avg rating of 12 analysts close to equivalent of 'strong
buy'; median PT is 1,290 rupees - Refinitiv data

 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))