Muthoottu Mini Financiers reports35.20%PBT growth in FY24


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 reducingits 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 thedigital 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 adding2Lakhs 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

  • Related Posts

    Muthoot Finance Recognized as India’s No.1 Most Trusted Financial Services Brand for 9th Consecutive Year

    Muthoot Finance continues to set industry benchmarks with its unwavering commitment to trust, transparency, and customer-centric financial solutions, reinforcing its position as India’s No. 1 Most Trusted Financial Services Brand…

    Coromandel International Empowers Tribal Students with Comprehensive Infrastructure Support in Nilgiris

    Coromandel International Limited, one of India’s leading agri-solutions providers, in collaboration with Round Table India, has successfully initiated infrastructure development at Eklavya Tribal School in Ooty, Nilgiris District, Tamil Nadu,…

    You Missed

    Muthoot Finance Recognized as India’s No.1 Most Trusted Financial Services Brand for 9th Consecutive Year

    • By editor
    • April 1, 2025
    • 29 views
    Muthoot Finance Recognized as India’s No.1 Most Trusted Financial Services Brand for 9th Consecutive Year

    Coromandel International Empowers Tribal Students with Comprehensive Infrastructure Support in Nilgiris

    • By editor
    • April 1, 2025
    • 33 views
    Coromandel International Empowers Tribal Students with Comprehensive Infrastructure Support in Nilgiris

    Paytm Travel Launches Travel Pass Subscription, Offering Free Cancellations, Insurance, and Seat Discounts up to ₹15,200

    • By editor
    • April 1, 2025
    • 31 views
    Paytm Travel Launches Travel Pass Subscription, Offering Free Cancellations, Insurance, and Seat Discounts up to ₹15,200

    Myprotein’s Move Club Successfully Ignites Fitness Spirit in Noida

    • By editor
    • April 1, 2025
    • 28 views
    Myprotein’s Move Club Successfully Ignites Fitness Spirit in Noida

    NEO-BSMI Graduation Ceremony 2025 Showcases Uzbekistan’s Rich Cultural Heritage

    • By editor
    • March 31, 2025
    • 38 views
    NEO-BSMI Graduation Ceremony 2025 Showcases Uzbekistan’s Rich Cultural Heritage

    Second Edition of Startup Mahakumbh: The World’s Largest Startup Gathering – ‘Unfolding the Bharat Story’

    • By editor
    • March 31, 2025
    • 54 views