Muthoottu Mini Financiers net up 35%

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 - Mathew Muthoottu, MD

Hyderabad: Muthoottu Mini Financiers, ab NBFC, has posted a profit before tax of Rs 110.56 crore for FY24 ending on March 31, 2024, registering a 35.20 per cent 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 per cent.

The company maintained its track record of strong asset quality by gradually reducing its net NPA from 1.34 per cent in FY20 to 0.72 per cent in FY24. The company also maintained a strong rating of A-Stable and achieved a 3 level upgrade in the last four fiscals.

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, he added.

PE Mathai, company’s Chief Executive Officer, 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 7,500 crore AUM by 2027”.