Muthoot Finance Ltd has registered a 23 per cent growth in its consolidated profit after tax in Q3 of FY24 at ₹1,145 crore as against Rs934 crore in Q3 of FY23.
The stand-alone entity Muthoot Finance posted a 14 per cent rise in net profit at ₹1024 crore against ₹900 crore in Q3 of FY23.
Consolidated PAT for nine months of FY24 stood at ₹3,285crore as against ₹2,661crore last year. During the quarter, consolidated Loan Assets Under Management increased by ₹3,280 crore, an increase of four per cent. Consolidated Loan Assets Under Management grew 27 per cent to ₹82,773 crore at nine months of FY24 as against ₹65,085 crore last year.
“While the Consolidated Loan Assets Under Management increased by 27 per cent, the contribution of subsidiaries increased to 14 per cent from 12 per cent last year. The contribution of subsidiaries in the consolidated PAT also increased to nine per cent from four per cent last year. We aim to capitalize on the strong growth opportunity in affordable housing, microfinance, personal loan and vehicle finance and grow the share of subsidiaries to 18-20 per cent in the next five years,” said George Jacob Muthoot, Chairman, The Muthoot Group.
“We are confident that the resilient Indian economy coupled with government thrust on capex, pick up in investment activity and uptrend in rural demand will keep the gold loan demand strong, and are well poised to achieve our guidance of growing our loan book by 15 per cent in FY24,” sad George Alexander Muthoot, Managing Director, Muthoot Finance.
“In addition, our non-gold loan businesses continue to do well, especially our micro finance loans, personal loans and home loans are helping us diversify our overall loan book. Our phy-digital strategy is paying off well and nearly 40 per cent of our gold loan customers have transacted via our digital channels,” he added.