Navkar Corporation Q2 Results: Revenue Jumps 43% YoY
Muthoot Finance Q1 Results FY2023, PAT at Rs. 824.96 crores
Last Updated: 11th December 2022 - 02:26 am
On 12th August 2022, Muthoot Finance announced its quarterly results for the first quarter of FY2023.
Q1FY23 Key Highlights:
- Muthoot Finance Ltd Consolidated Loan Assets Under Management grew 9% YoY to Rs.63,444 crore in Q1FY23 as against Rs. 58,135 crore in same quarter last year.
- During the quarter, Consolidated Loan Assets Under Management decreased by 2% QoQ.
- Company’s revenue from operations stood at Rs. 2788.30 crores seeing a drop of 6% YoY.
- The company reported its PBT at Rs. 1111.94 crores with a drop of 15% YoY.
- Consolidated Profit after tax declined by 16% YoY to Rs.824.96 crore as against Rs.978.58 crore in the same quarter last year.
- Muthoot Finance received RBI approval for opening 150 new branches
- Muthoot Finance raised Rs. 643 crores through 26th and 27th Public Issue of Non-convertibles Debentures
Commenting on the results, Mr. George Jacob Muthoot, Chairman, Muthoot Group said, “We continue to deliver stellar performance in gold loan space. Though there is a dip in loan assets during the quarter, we have achieved a YoY growth of 9% in loan assets at Rs.63,444 crore. High-frequency indicators suggest recovery in economic activity, with strong urban demand environment though the rural demand is still reviving. The Indian economy has been resilient and we are optimistic about steady demand conditions for gold loans coupled with the huge untapped opportunity in gold loan segment. The RBI approval for opening new 150 branches, coupled with the recent digital initiatives, gold Loan@home service will help us further expand and tap new customers.”
Mr. George Alexander Muthoot, Managing Director, Muthoot Finance said, “The impact of the very low-interest rate teaser loans has resulted in lower yields during Q1FY23. The launching of teaser loans was a strategic move taken in Q3 FY 22 and it enabled us to attract a set of new high-value customers. During the quarter, we focused on migrating such teaser loans to higher rate schemes and we successfully completed this exercise as on June 30, 2022. Hence the decline in loan assets by 2%. Although our live number of customers is 50 Lakh, we have a customer base of more than 4 to 5 times this number, who have had earlier transacted with us. Certainly, these customers will come back to Muthoot for availing the high-quality service we offer them when they require credit. We are expecting opening of 150 new branches for which approval was received from RBI to be completed by October 2022 upon which additional business will be generated.”
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