Muthoot Finance Q4 profit jumps 40% at Rs451 crore
For 2017-18 financial year, Muthoot Finance’s net profit was up 46% at Rs1,720.27 crore as against Rs1,179.83 crore in the preceding year
New Delhi: Muthoot Finance on Wednesday reported 40.3% jump in standalone net profit at Rs451.39 crore for March quarter on the back of diversification of loan portfolio.
The company had registered a net profit of Rs321.78 crore during January-March, 2016-17. Total revenue from operations was however down at Rs1,572.92 crore as against Rs1,709.63 crore in the year-ago period, Muthoot Finance said in a regulatory filing.
For 2017-18 financial year, net profit was up 46% at Rs1,720.27 crore as against Rs1,179.83 crore in the preceding year. Total income was at Rs6,185.27 crore as against Rs5,728.63 crore in 2016-17. On consolidated basis, the net profit for 2017-18 increased to Rs1,798.69 crore from Rs1,207.26 crore a year ago. Income was Rs6,640.95 crore compared with Rs5,910.80 crore.
Chairman M.G. George Muthoot said : “While the thrust on increasing the gold loan business continues, group’s focus on diversification of lending portfolio has started yielding results. The consolidated loan book of the group has increased 12 per cent year-on-year at Rs 32,154 crore.”
He also announced that Muthoot Finance is one of the top 50 corporate income tax payers in the country paying Rs1,037 crore in 2017-18. “Our subsidiaries are contributing 10 per cent of group assets and have again shown an excellent performance during the year. We are expecting this contribution to increase to 15 per cent of group’s assets in the coming year,” said managing director George Alexander Muthoot.
Muthoot Homefin (India) has grown its loan portfolio by Rs1,024 crore during the year reaching Rs1,465 crore. The company’s micro finance subsidiary which has a strong self-help group (SHG) model increased its loan portfolio by 97% during the year reaching Rs1,137 crore.
The NBFC arm in Sri Lanka increased its loan portfolio by 13% during the year. First year premium collections in the insurance broking subsidiary increased 44% at Rs101 crore, he said.
Stock of Muthoot Finance closed 1.18% down at Rs420.45 on BSE.
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