Muthoot Finance's March quarter profit up y-o-y by 17%

31 May 2024 , 11:04 AM

Muthoot Finance reported a 17% y-o-y increase in net profit of ₹1,056.3 Crore for the fourth quarter ending March 31, 2024. Muthoot Finance reported a net profit of ₹902.6 Crore for the same period last fiscal year, according to a regulatory filing.

The lender said the Net Interest Income (NII), which is the difference between interest earned by bank from its lending activities and interest paid to depositors, jumped by 15.20%. The NII came in at ₹2,134.80 Crore in Q4FY24, against ₹1,853.30 Crore in the previous corresponding quarter.

During the quarter, consolidated loan assets under management rose by 8%.

In FY24, the company’s consolidated loan assets under management increased by 25% to ₹89,079 Crore from ₹71,497 Crore the previous year.

Muthoot Finance increased their profit after tax by 17% to ₹4,050 Crore in FY24 from ₹3,474 Crore in FY23. In FY24, loan AUM increased by 20% to ₹75,827 Crore, up from ₹63,210 Crore in FY23.

In FY24, gold loan assets increased by ₹11,003 Crore, or 18%. Gold loan assets climbed by ₹3,657 Crore, a 5% increase over the previous quarter.

Muthoot Homefin (India) loan AUM reached ₹2,035 Crore in FY24, up from ₹1,438 Crore in FY23, representing a 42% rise. In FY24, loan disbursements reached ₹815 Crore, up from ₹223 Crore in FY23, representing a 265% increase year on year.

In Q4 FY24 and FY24, total revenue was ₹72 Crore and ₹219 Crore, up from ₹39 Crore and ₹155 Crore in Q4 FY23 and FY23, representing an 85% and 41% increase, respectively. In FY24, profit after tax reached ₹18 Crore, up from ₹10 Crore in FY23, representing a 78% rise year on year.

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