Wednesday, August 30, 2023

Muthoottu Mini Financiers reports 103% QoQ Profit Growth for Q1FY24

Kochi, August 30, 2023: Muthoottu Mini Financiers, one of India’s leading NBFCs, has today reported strong profit growth of 103% quarter-on-quarter for the quarter that ended on June 30, 2023. Depicting a growing demand for gold loans in the market, Muthoottu Mini Financiers, which hails from the renowned Muthoottu family, also reported a robust quarter-on-quarter revenue growth, reporting a total revenue of INR 156.20 Crores during the quarter, compared to INR 114.07 Crores during the previous year Q1.

During the quarter, the company's asset quality remained robust with net NPA at 0.44%. The company’s profit after tax (PAT) increased by 103% from 10.82 Crores in Q1 FY23 to 21.98 Crores in Q1 FY 24, while the profit before tax (PBT) stood at INR 30.43 crore. The firm's consolidated Assets under Management (AUM) also rose significantly by INR 593 crore from Q1 of the previous fiscal.

Over the course of the last year, Muthoottu Mini Financiers expanded its footprint across the country by opening 50 new branches. As a result, the company's network now spans an extensive footprint with a total of 871 branches, enabling greater accessibility to its financial services for customers across various regions. The company aims to mark the milestone of having 1,000+ branches by the end of FY24.

Commenting on the result, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, “We are delighted to see Muthoottu Mini achieve a remarkable start to the FY24 fiscal year. Our quarterly profit increasing by 103% is a testament to the dedication of our team and our customer-centric approach. The gold loan sector in India is currently experiencing a major growth, driven by the increasing popularity of gold loans as a convenient and affordable way to meet short-term financial needs. Muthoottu Mini is well-positioned to capitalise on this growth, given our strong brand reputation and wide network of branches across the country. We are committed to providing our customers with the best possible gold loan experience, and are confident that we will continue to be a leader in the market. We are confident that we can continue to provide our customers with outstanding financial services by being innovative and adaptable.”

P E Mathai, Chief Executive Officer, Muthoottu Mini, added, “We are pleased with the growth numbers of this quarter, as they augur well with our plans to record substantial growth for this financial year. We have taken steps to improve our digital platform and customer service, and the strong growth in our key metrics is a testament to our customers' trust in Muthoottu Mini. We are committed to providing our customers with the best possible experience, and remain committed to continuously innovating and improving our services”.