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.
