Northern Arc stock ends 6.4% higher on Q2 results

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Shares of Chennai-based Northern Arc Capital Ltd (NACL) jumped 8.6 per cent in intra-day trade on Tuesday to ₹252 on the BSE after the company posted strong quarterly results.

NACL, which got listed on the bourses last month, reported a 24 per cent increase in consolidated net profit at ₹96 crore for the quarter ended September 2024 as against ₹79 crore reported in the same period last year.

Total income increased 34 per cent to ₹585 crore (₹437 crore) and net interest income rose to ₹288 crore (₹196 crore).

Standalone net profit climbed 54 per cent to ₹112.13 crore (₹72.80 crore).

September listing

On the asset-quality front, the gross non-performing assets (NPAs) ratio stood at 0.60 per cent, while net NPAs stood at 0.18 per cent as of September 30, 2024.

During the quarter, NACL, formerly known as IFRM Capital Finance, raised fresh equity capital of ₹500 crore through an initial public offering. The stock on Tuesday closed at ₹246.85, below the IPO price of ₹263, but a gain of 6.4 per cent over the previous day’s close ₹232.10. The stock hit a high of ₹351 and a low of ₹226.80 since its listing on September 24.