Muthoot Microfin clocks ₹203 crore profit for FY23

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Muthoot Microfin Limited, one of the leading companies Microfinance companies, recorded a 155 per cent increase in profit to Rs. 203.31 crore for the financial year ended 31st March. The company recorded a profit of Rs. 79.7 crore in the previous financial year.

Muthoot Microfin has an asset under management of Rs.9,209 crore as of March 31st. Assets under management grew by more than 46 percent year-on-year from ₹6,300 crore in the previous financial year.

The company’s asset quality also improved from 6.26 percent GNPA in FY22 to 2.97 percent in FY23 and 1.55 percent NNPA in FY22 to 0.60 percent in FY23.

The company’s customer base increased by 35 per cent to 2.77 million in FY23 from ₹2.05 million in FY22, supported by a 68 per cent rise in payments to ₹8,104 crore in FY23 from ₹4,800 crore in FY23. previous.

In addition, Muthoot Microfin has an ESG rating of 5 stars, demonstrating a leadership position in sustainability with a positive track record for managing material risk.

The small lender has a strong in-house IT team that has bolstered their digital collections, which crossed INR 1,000 crore in FY23.

The company’s bank-to-bank and wallet-to-wallet digital collection ratio was 34 percent. Mahila Mitra’s client application has surpassed 1.3 million downloads and has benefited 7 thousand active customers.

In terms of expansion, the company is looking forward to starting operations in Andhra Pradesh and Telangana and expanding into northern states of India.