Thursday, Jun 20 2024 | Time 01:20 Hrs(IST)
Business Economy

Muthoot Finance logs 17 pc rise in Q4 profit

New Delhi, May 30 (UNI) On the back of strong growth in gold loans, Muthoot Finance saw its standalone net profit rise 17% year-on-year (YoY) to Rs 1,056.29 crore in the January-March quarter (Q4) of the financial year 2023–24.
The non-banking finance company (NBFC) had posted a profit of Rs 902.65 crore in the fourth quarter of the preceding financial year (2022–23).
During the March quarter of FY24, Muthoot Finance's total revenue from operations stood at Rs 3,408.91 crore as against Rs 2,853.43 crore in the corresponding period of FY23, thereby registering a growth of 19.46%.
For the full financial year ending March 31, 2024, the gold financing company registered a profit of Rs 4,050 crores as against Rs 3,474 crores in FY23, an increase of 17% year-on-year.
The company's loan AUM (assets under management) stood at Rs 75,827 crores in FY24 as compared to Rs 63,210 crores in FY23, registering a growth of 20% YoY.
During FY24, its gold loan assets increased by Rs 11,003 crore, registering a growth of 18%.
Commenting on the company's performance, George Jacob Muthoot, Chairman of Muthoot Finance, said that despite the various industry hiccups, the company continued to maintain its position as a leader in the gold loan industry and capitalized on the strong growth opportunities in affordable housing, microfinance, personal loans, small business loans, and vehicle finance.
"Further robust domestic consumption, a growing middle-class segment, and rising aspirations provide ample opportunities for future growth. We embark on FY25 on a positive note and shall continue on our vision to grow the share of non-gold loan subsidiaries to 18%–20% in the next 5 years,” he said.
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