Muthoot Microfin Q4 net profit up 27% to ₹120 crore, NII jumps 47% to ₹400 crore
Summary
Shares of Muthoot Microfin Ltd ended at ₹246.00, up by ₹4.30, or 1.78% on the BSE.
Muthoot Microfin, the microfinance arm of the Muthoot Pappachan Group, on Monday (May 6) reported a 27% year-on-year (YoY) increase in net profit at ₹119.76 crore for the fourth quarter that ended March 31, 2024.
In the corresponding quarter, Muthoot Microfin posted a net profit of ₹94.56 crore, the company said in a regulatory filing. The net interest income (NII) grew 47% to ₹400 crore during the March quarter of FY24 from ₹272 crore in the year-ago period.
The gross non-performing asset (GNPA) stood at 2.29% in the March quarter against 2.29% in the December quarter. Net NPA came at 0.35% against 0.33% quarter-on-quarter.
In monetary terms, gross NPA stood at ₹220.8 crore against ₹262.4 crore quarter-on-quarter, whereas net NPA came at ₹32.9 crore against ₹37.8 crore quarter-on-quarter. The net interest margin (NIM) came at 13.5% against 12.87% year-on-year and 12.6% quarter-on-quarter.
Also Read: Lupin Q4 Results | Net profit jumps 52% to ₹359 crore, declares dividend of ₹8
Muthoot Microfinance’s disbursements surged by 18%, reaching ₹2,887.9 crore compared to ₹2,447.5 crore in the same period last year. Moreover, the Assets Under Management (AUM) reported an uptick, soaring by 32.4% year-over-year to ₹12,193.5 crore from ₹9,208.3 crore.
One of the key indicators of operational efficiency, the disbursal to AUM ratio, witnessed a significant improvement, standing at 25.5% compared to 22.8% in the previous quarter.
FY24
Pre-provision operating profit (PPOP) increased by 75.11% year-on-year from ₹436.19 crore to ₹763.80 crore. The robust liquidity of ₹957.66 crore of unencumbered cash and cash equivalents, 8.26% of the total assets alongside unutilised sanctions totalling ₹2,119 crore.
Thomas Muthoot, Managing Director of Muthoot Microfin, said, “The scale that we have will allow greater operating efficiencies and with stable NIMs and robust asset quality that we have achieved gives us several reasons to believe our performance will continue to improve.”
Also Read: GHCL declares dividend of ₹12, net profit slides 50% in Q4
Our ROA doubled up to 4.19% in FY24 and the quarter was the fifth straight quarter of RoA remaining above 4%. Our ROE has surpassed our annual guidance led by significantly improved profitability as we continue to deliver outsized returns to our shareholders.”
Shares of Muthoot Microfin Ltd ended at ₹246.00, up by ₹4.30, or 1.78% on the BSE.
Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout
3 Mins Read
Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter