Business

Muthoot Finance Q4 consolidated net drops 1.75%

George Alexander Muthoot

George Alexander Muthoot

Muthoot Finance Ltd, has reported a 1.75% drop in its consolidated net profit for the fourth quarter ended March to ₹1,006 crore.

Total revenue from operations declined by 2.67% to ₹3,021 crore. However, for the full year, net profit was up 6% to ₹4,031 crore, it said in a statement.

“Despite the ongoing geo-political crisis and COVID-related base challenges, Muthoot Finance has delivered a consistent performance in this quarter... As the economy is gradually recovering, the demand for gold loans has been steady and we remain optimistic for the coming financial year,” said George Jacob Muthoot, chairman.

Asserting that there is huge untapped opportunity in gold loan sector, he said that they would keep innovating and maintain leadership in the gold loan sector.

“Gold Loan Assets Under Management grew 11% to ₹64,494 crore during FY22 and we remain optimistic about a growth of 12-15% for FY23 as well,” said George Alexander Muthoot, MD.

“We aim to further improve our collections in micro finance, vehicle finance and home loans. However, we will continue to adopt a balanced growth strategy and given the ongoing macro-economic environment we continue to be cautious on the Micro finance and Vehicle finance business,” Mr. Alexander said.


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Printable version | May 26, 2022 7:54:49 pm | https://www.thehindu.com/business/muthoot-finance-q4-consolidated-net-drops-175/article65463899.ece