Muthoottu Mini Financiers profit grows by 35% to Rs 110.56 cr in FY24

Hyderabad: Muthoottu Mini Financiers, a leading NBFC, has posted a profit before tax of Rs 110.56 crore for FY24 ending on March 31, 2024, registering a 35.20% against Rs 81.77 crore, showcasing robust performance across all key metrics, including revenue growth, profit margins and strengthened Assets under Management (AUM).

The company's revenue increased from Rs 544 crore in FY23 to Rs 672 crore in FY24, reflecting a growth of 23.4%, a company regulatory filing says.

Muthoottu Mini Financiers achieved a 35.20% growth in Profit before Tax (PBT) from Rs 81.77 crore in FY23 to Rs 110.56 crore in FY24. The company has maintained its track record of strong asset quality by gradually reducing its Net NPA from 1.34% in FY20 to 0.72% in FY24. The company also maintains a strong rating of A-Stable, and has achieved a 3 level upgrade in the last four fiscals.

Commenting on the company’s financial performance, Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, "We are pleased to report another year of robust growth, with a strong double digit growth across all key parameters. This achievement underscores our unwavering commitment to a customer-centric approach and our mission to be a one-stop financial service provider for customers. In FY25, we will focus on tapping into new markets and reaching last-mile regions to bring more people into the organised financial landscape and address their credit needs. Alongside our established gold loan services, we aim to introduce new products to meet the diverse credit requirements of our consumers."

PE Mathai, Chief Executive Officer, of the company, added, “We are humbled by the consistent growth achieved by us over the past year, leading a strong pathway towards our aim of reaching a milestone of Rs 7500 crore AUM by 2027. Bolstering our digital initiative to widen our geographical reach, our ‘MyMuthoottu App’ witnessed a significant number of downloads in the last year and we anticipate to see further acceleration in the digital adoption in this fiscal. Furthermore, to strengthen our operations in the newer markets, we aim to on-board 3500 new employees in the next three years.”

Over the course of the past year, the company has expanded its reach by opening 61 new branches and by adding 2 lakh new customers. As a result, the company's network now spans an extensive footprint with a total of 902 branches, enabling greater accessibility to its financial services for customers across various regions.