Mufin Green Finance Q2 Results: Revenue Jumps 221%, PAT Climbs 98%

The firm Mufin Green Finance Ltd. is a small cap. Mufin Green Finance, a subsidiary of Hindon Mercantile Limited, is a leader in climate finance solutions in India. It does this by lending money for the acquisition of electric vehicles, electric charging infrastructure, and swappable batteries, all of which contribute to the nation's EV ecosystem. The company has declared financial results for the quarter ended 30th September 2023.

On a standalone basis, the company reported revenue from operations of Rs 21.13 Cr in Q2FY24 up by 220.63% from Rs 6.59 Cr in Q2FY3, The company said its net profit stood at Rs 40 Cr during the quarter under review which is 98% higher than it was in the year-ago quarter at Rs 20.20 Cr.

On a consolidated basis, Mufin Green Finance recorded a net revenue of Rs 21.13 Cr down by 45.32% YoY from Rs 38.65 Cr in the year-ago quarter. The company said its net profit stood at Rs 40 Cr during the quarter under review compared to Rs 7.45 Cr in Q2FY23.

In an effort to speed up the financing of electric vehicles in India, Perpetuity Capital, a digital platform for EV financing, recently announced a strategic financing partnership with Mufin Green Finance. Through this partnership, Perpetuity Capital has granted Mufin Green Finance a debt funding agreement, enabling it to finance over 1,000 EVs in the current fiscal year.

On Friday, the shares of Mufin Green Finance were trading 1.48% higher at Rs 123.80 apiece.