Conference Call with Muthoot Microfin Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Conference Call with Muthoot Microfin Management and Analysts on Q3FY24 Performance and Outlook. Listen to the full earnings transcript.
Non-banking Financial company Muthoot Microfin announced Q3FY24 results: Financial Performance: Total Income: Increased by 52.61% YoY from Rs 383.21 crore to Rs 584.83 crore. Net Interest Income (NII): Saw a 53.07% YoY rise from Rs 224.13 crore to Rs 343.07 crore. Gross Loan Portfolio (GLP): Went up by 38.64% YoY from Rs 8,264.59 crore to Rs 11,458.14 crore. Pre-Provision Operating Profit (PPOP): Escalated by 71.97% YoY from Rs 106.01 crore to Rs 182.31 crore. Profit After Tax (PAT): Surged by 119.06% YoY, rising from Rs 56.86 crore to Rs 124.57 crore. Asset Quality: Gross NPA: Improved to 2.29% from last year's 3.49%, a betterment by 120 basis points (bps). Net NPA: Stood at 0.33%, a decline from 0.97% last year, which is an improvement by 64 bps. Operational Metrics: Borrower Base: Witnessed an increase of 26.67% YoY, growing from 25.88 lakhs to 32.78 lakhs. Branch Count: Expanded by 30.88% YoY. Collection Efficiency: Maintained at a robust rate of 98.44%. Digital Transactions: 26.28% of collections were via digital channels (such as UPI/Customer App). 100% of disbursements were executed digitally. Capital and Liquidity: Liquidity Position: Held Rs 1,179.19 crore of unencumbered cash and cash equivalents, which is 10.52% of the total assets. Unutilized Sanctions: Accumulated to Rs 2,002 crore. Capital Adequacy Ratio (CRAR): Remained healthy at 29.57%. Credit Ratings: Rated A+/Stable and received a grading of M1C1 by CRISIL. Thomas Muthoot, Managing Director of Muthoot Microfin, said, "We are delighted to announce yet another quarter of strong financial performance. The company’s balance sheet has grown over 12% QoQ and 49% YoY to Rs 112,049.2 million, with active customer numbers growing by 27% YoY to 3.28 million as of December 31, 2023. Our focus on expanding operations, coupled with a robust risk management framework has enabled us to grow at a good and sustainable pace. As we look ahead, we are confident in our ability to sustain this momentum and contribute to the economic well-being of the communities we serve. With a commitment to serving customers in new geographies, the company is set to embark on a strategic expansion plan in the coming months.” Sadaf Sayeed, CEO, Muthoot Microfin, said, "Our dedication to providing innovative and tailored financial solutions with technological advancements has been instrumental in achieving these commendable results. Our assets under management have grown 5% QoQ and 39% YoY to Rs 114,581.37 million, with PAT soaring by 119% YoY to Rs 1,245.7 million for the Quarter ending December 2023. Our digital collection is growing steadily with 26.28 percent of overall collections, a 7 percent QoQ and 5% YoY growth. The improved NPA figures (NNPA of 0.33%) underscore our commitment to maintaining a healthy loan portfolio. All the key indicators are showing tremendous growth and the macro-economic outlook of the country is favourable to the industry for us to sustain this growth rate." Result PDF