Muthoot FinCorp Achieves Record Loan Disbursements and Profit Growth in FY24

Muthoot FinCorp Achieves Record Loan Disbursements and Profit Growth in FY24
Muthoot FinCorp Ltd, the flagship company of the 137-year-old Muthoot Pappachan Group, announced its highest-ever loan disbursements in the fiscal year 2023-24 (FY24). Consolidated loan disbursements rose by 18.6% to Rs 61,703.26 crore, while assets under management (AUM) increased to Rs 33,359.30 crore. The company's consolidated net profit surged by 62% to Rs 1,047.98 crore, according to a statement released by Muthoot FinCorp.
"Muthoot FinCorp Ltd reports highest-ever loan disbursements in FY24 with consolidated disbursement at Rs 61,703.26 crore, up 18.60%", the statement said.
On a standalone basis, Muthoot FinCorp’s disbursements grew 15% year-on-year to Rs 50,167.12 crore, up from Rs 43,443.26 crore in the previous year. The profit after tax (PAT) for standalone operations increased by 22.4% to Rs 562.81 crore, compared to Rs 459.81 crore in FY23. The standalone AUM rose by 26.3% to Rs 21,349.85 crore, from Rs 16,910.67 crore in the corresponding period of the previous year.
The company's revenue in the March quarter of FY24 was Rs 1,197.31 crore, marking a growth of 25.59% compared to Rs 953.38 crore in the same period last year.
As of March 31, 2024, Muthoot FinCorp's customer base exceeded 42.98 lakh, representing a 14% increase over the previous financial year. CEO Shaji Varghese noted that 81% of the company's customers availed loans below Rs 1 lakh, underscoring its commitment to serving lower middle-income families and promoting financial inclusion.
"We look forward to continue serving lower middle-income families alongside focusing on financial inclusion driven from our Purpose of transforming the lives of the common man by ensuring his financial well-being", Varghese said.
Muthoot FinCorp, part of the diversified Muthoot Pappachan Group, has demonstrated robust growth across its financial metrics, reinforcing its position as a key player in the Indian financial services sector. The company’s strategic focus on expanding its loan disbursements and enhancing customer engagement has contributed to its strong performance in FY24.