CreditAccess Grameen hits new high; soars 13% on strong Q2 results

In Q2, the company's net profit nearly doubled to Rs 347 crore, on the back of an improved income profile and strong control on the cost of operations.

Shares of CreditAccess Grameen hit a new high of Rs 1,560, soaring 13 per cent on the BSE in Monday’s intra-day trade in an otherwise weak market after the company reported a strong set of earnings for the September quarter (Q2FY24). The country's largest microfinance lender's net profit nearly doubled to Rs 347 crore, as compared to Rs 175.1 crore in a year ago quarter, on the back of an improved income profile and strong control on the cost of operations.

The stock surpassed its previous high of Rs 1,502.30 touched on August 1, 2023. At 11:14 AM; it