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Muthoot Microfin Limited, one of the leading microfinance companies, has reported a 155 per cent rise in profit to ₹203.31 crore for the financial year ended March 31. The company had posted a profit of ₹79.7 crore in the previous financial year.
Muthoot Microfin has an asset under management of ₹9,209 crore as of March 31. The AUM has grown over 46 per cent year-on-year from ₹6,300 crore in the previous financial year.
The asset quality of the company has also improved from 6.26 per cent GNPA in FY22 to 2.97 per cent in FY23 and 1.55 NNPA in FY22 to 0.60 per cent in FY23.
The company’s customer base has increased by 35 per cent to 2.77 million in FY23 from 2.05 million in FY22, fuelled by a 68 per cent rise in disbursement to ₹8,104 crore in FY23 from ₹4,800 crore in the previous fiscal.
Additionally, Muthoot Microfin has an ESG rating of 5 stars, signifying a sustainability leadership position with a positive track record of managing material risks.
The micro-lender has a robust in-house IT team that has worked on enhancing their digital collections, which crossed ₹1,000 crore in FY23.
Bank-to-bank and wallet-to-wallet digital collection of the company reached 34 per cent. The customer app of the company ‘Mahila Mitra’ has crossed 1.3 million downloads with 7 lakh active customers taking advantage of it.
In terms of expansion, the company is looking at starting operations in Andhra Pradesh and Telangana and further expanding in the north Indian States.
- Also read: It’s a myth that MFIs empower women
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