Muthoot FinCorp, the flagship company of the 137-year-old Muthoot Pappachan Group, announced its highest-ever loan disbursements in the fiscal year 2023-24 (FY24). The company witnessed a remarkable 18.6 percent year-on-year increase in consolidated loan disbursements, reaching an impressive Rs 61,703.26 crore.
The asset under management (AUM) stood at a substantial Rs 33,359.30 crore, reflecting the company’s growing presence in the financial services sector. Muthoot FinCorp’s consolidated net profit surged by an impressive 62 percent to Rs 1,047.98 crore in FY24.
On a standalone basis, the company’s disbursements rose by 15 percent year-on-year, reaching Rs 50,167.12 crore, up from Rs 43,443.26 crore in the previous fiscal year. The profit after tax (PAT) increased by 22.40 percent to Rs 562.81 crore, compared to Rs 459.81 crore in FY23.
Muthoot FinCorp’s assets under management (AUM) stood at Rs 21,712.34 crore, marking a 23.26 percent increase from Rs 17,615.07 crore in the previous year. The company’s revenue for the March quarter of FY24 was Rs 1,197.31, posting a 25.59 percent growth compared to Rs 953.38 crore in the corresponding period last year.
As of March 31, 2024, Muthoot FinCorp’s customer base grew by 14 percent, reaching over 42.98 lakh customers. The company’s CEO, Shaji Varghese, highlighted that 81 percent of its customers availed loans below Rs 1 lakh, underscoring the company’s focus on serving lower-middle-income families and promoting financial inclusion.
Varghese expressed the company’s commitment to continue serving the common man and ensuring their financial well-being, aligning with Muthoot FinCorp’s purpose of transforming lives through accessible financial services.