The NBFC's revenue increased from INR 544 crore in FY23 to INR 672 crore in FY24, reflecting a strong growth of 23.4%.
P E Mathai, Chief Executive Officer, Muthoottu Mini
FinTech BizNews Service
Mumbai, June 3, 2024: Muthoottu Mini Financiers, one of India’s leading NBFCs, has announced its financial results for FY24 which ended on March 31, 2024, showcasing robust performance across all key metrics, including revenue growth, profit margins and strengthened Assets under Management (AUM). The company's revenue increased from INR 544 crore in FY23 to INR 672 crore in FY24, reflecting a strong growth of 23.4%.
Muthoottu Mini Financiers achieved a 35.20% growth in Profit before Tax (PBT) from INR 81.77 crore in FY23 to INR 110.56 crore in FY24. The company has maintained its track record of strong asset quality by gradually reducing its Net NPA from 1.34% in FY20 to 0.72% in FY24. The company also maintains a strong rating of A-Stable, and has achieved a 3 level upgrade in the last four fiscals.
Commenting on the company’s financial performance, Mr. Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers, said, "We are pleased to report another year of robust growth, with a strong double digit growth across all key parameters. This achievement underscores our unwavering commitment to a customer-centric approach and our mission to be a one-stop financial service provider for customers. In FY25, we will focus on tapping into new markets and reaching last-mile regions to bring more people into the organized financial landscape and address their credit needs. Alongside our established gold loan services, we aim to introduce new products to meet the diverse credit requirements of our consumers."
P E Mathai, Chief Executive Officer, Muthoottu Mini, added, “We are humbled by the consistent growth achieved by us over the past year, leading a strong pathway towards our aim of reaching a milestone of INR 7500 crore AUM by 2027. Bolstering our digital initiative to widen our geographical reach, our ‘MyMuthoottu App’ witnessed a significant number of downloads in the last year and we anticipate to see further acceleration in the digital adoption in this fiscal. Furthermore, to strengthen our operations in the newer markets, we aim to on-board 3500 new employees in the next three years.”
Over the course of the past year, Muthoottu Mini Financiers has expanded its reach by opening 61 new branches and by adding 2 Lakhs new customers. As a result, the company's network now spans an extensive footprint with a total of 902 branches, enabling greater accessibility to its financial services for customers across various regions.
