Kochi-based leading Microfinance Institution (MFI) Muthoot Microfin Limited has delivered a remarkable performance in the 4th quarter of FY24 with significant achievements across various key indicators.
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AUM Surges by 32% YoY
The Assets Under Management (AUM) of the Company have shown an impressive 32% YoY growth amounting to INR 12194 Cr as of March 31st, 2024. This increase is compared to INR 9208 Cr recorded during the same period. The same period a year ago demonstrated strong financial health and operating efficiency.
Microfin’s half-yearly (H1) financial results have revealed the highest-ever amount of loans disbursed with a gross growth of 32% over the previous financial year, taking it to an all-time high of INR 10,662 Cr as against INR 8,104 Cr. The company’s collection efficiency (CE) for last FY has revealed an impressive 98.4% efficiency, which is an increase of 260 basis points (BPS) in comparison with the financial year.
Strong Financial Fundamentals
During FY24, Muthoot Microfin raised a total of INR 9,242 Cr through various instruments, further strengthening its financial position. Additionally, the company was successful in executing an external commercial borrowing (ECB) deal for INR 622 Cr from multiple commercial banks in the international markets. So, recognition of investors was indicated. Muthoot Microfin continued its expansion drive, with the branch count growing 29% YoY to 1,508 branches. It provides the ability to easily transfer money while promoting financial inclusion and upliftment of people in different sectors. Notably, the company expanded its presence in Telangana and strengthened its footprint in states like Uttarakhand and Himachal Pradesh.
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Focus on Digital Innovation
The company’s commitment towards digital inclusion is reflected in its initiatives such as Mahila Mitra App, whose cumulative downloads reached 1.63 Million customers. This digital platform offers a range of financial services including loan management and digital payments, contributing to better accessibility and convenience for customers.
