Gold financing company Muthoot Finance Ltd (MFL) on Friday reported a 21.6 percent year-on-year (YoY) increase in standalone net profit at Rs 975.1 crore for the first quarter that ended June 30, 2023.
In the corresponding quarter last year, Muthoot Finance posted a net profit of Rs 802 crore, the company said in a regulatory filing. The net interest income (NII) of the lender jumped 23.8 percent year-on-year to Rs 1,934.9 crore against Rs 1,562.3 crore in the same period previous fiscal.
The company's consolidated loan assets under management grew 21 percent year-on-year to Rs 76,799 crore in Q1 of FY24 as against Rs 63,444 crore in the same quarter last year.
During the quarter, consolidated loan assets under management increased by R 5,302 crore which is an increase of 7 percent quarter-on-quarter. The standalone loan assets under management stood at Rs 67,639 crore, up by 19 percent year-on-year.
Muthoot Finance recorded the highest growth in loan assets at Rs 4,429 crore in Q1 of FY24, up by 7 percent quarter-on-quarter, and the highest disbursements in gold loan assets at Rs 53,612 crore in Q1 of FY24.
Muthoot Homefin's loan AUM stood at Rs 1,501 crore in Q1 of FY24 as against Rs 1,475 crore in the same quarter last year. During the quarter, loan assets increased by Rs 63 crore, an increase of 4 percent quarter-on-quarter. Total revenue for Q1 of FY24 stood at Rs 44 crore, up 16 percent year-on-year.
George Jacob Muthoot, chairman of The Muthoot Group said, "Our subsidiaries Muthoot Homefin, and Belstar Microfinance continue to report strong disbursements and as a result, the contribution of our subsidiaries to the overall consolidated loan AUM has increased to 11 percent.
The results came after the close of the market hours. Shares of Muthoot Finance Ltd ended at Rs 1,349.30, down by Rs 15.80, or 1.16 percent on the BSE.
