Muthoot Finance Q1 Results: Net profit jumps 22% to Rs 975 crore

Muthoot Finance Ltd. (MFL), a  gold financing company, announced on Friday that its standalone net profit for the first quarter of 2023, which ended on June 30, increased by 21.6% YoY to Rs. 975.1 crore.

Muthoot Finance had a net profit of Rs 802 crore for the comparable period last year, the company said in a regulatory filing. 

In Q1 of FY24, the company's consolidated loan assets under management increased by 21% YoY to Rs 76,799 crore from Rs 63,444 crore.

Consolidated loan assets under management climbed by Rs 5,302 crore (or 7% quarter-on-quarter) during the period. The standalone loan assets under management increased by 19% YoY to Rs 67,639 crore.

In Q1 of FY24, Muthoot Finance reported the biggest growth in loan assets, up 7% quarter on quarter to Rs 4,429 crore, and the highest disbursements in gold loan assets, at Rs 53,612 crore.

In Q1 of FY24, Muthoot Homefin's loan AUM was Rs 1,501 crore as compared to Rs 1,475 crore in the corresponding period of the previous year. Loan assets climbed by Rs 63 crore during the quarter, a 4% quarter-on-quarter growth. The total revenue for the first quarter of FY24 was Rs 44 crore, up 16% YoY.

Content source: Media reports