 "Muthoot Finance Q3 results: Net profit up 23% owing to higher gold prices")
Muthoot Finance Ltd, one of the leading gold loan providers in the country, has posted a consolidated net profit of Rs 1,145 crore during the third quarter of 2023-24, up 23 per cent compared to Rs 934 crore during the same quarter in the financial year 2022-23, owing to higher gold prices.
The company’s total revenue from operations also increased by 27 per cent to Rs 3,820 crore during the third quarter of the financial year 2023-24, as compared to Rs 3,009.5 crore in the third quarter of the financial year 2022-23. Muthoot Finance’s consolidated loan assets under management grew 27 per cent year-on-year to Rs 82,773 crore by the end of the third quarter of the financial year 2023-24 as against Rs 65,085 crore last year.
George Jacob Muthoot, Chairman, The Muthoot Group said, “We are glad to announce that our Consolidated Loan Assets Under Management crossed a milestone of Rs 80,000 crores and Standalone Loan Assets Under Management crossed a milestone of Rs 70,000 crores. While the Consolidated Loan Assets Under Management increased by 27 per cent year-on-year, the contribution of subsidiaries increased to 14 per cent from 12 per cent last year. The contribution of subsidiaries in the Consolidated Profit after Tax also increased to 9 per cent from 4 per cent last year.”
“India’s favourable demographics, coupled with our policymakers' focus on sustained economic growth, presents a huge growth opportunity for us. In line with our vision to emerge as a diversified financial business, we are consciously pivoting our efforts towards growing our non-gold loan book while maintaining our position as a frontrunner in the gold loan industry. We aim to capitalize on the strong growth opportunity in affordable housing, microfinance, personal loan, and vehicle finance and grow the share of subsidiaries to 18 per cent-20 per cent in the next five years,” he added.