Home >Companies >Company Results >Muthoot Finance Q4 net profit soars 59% to 815 cr
(Photo: Mint)
(Photo: Mint)

Muthoot Finance Q4 net profit soars 59% to 815 cr

Consolidated profit after tax increased by 51% to 3,169 crore for FY20

Muthoot Finance on Wednesday reported 59% rise in its net profit at 815 crore for the quarter ended 31 March, 2020. The company had reported net profit of 512 crore in the year-ago period.

The interest income in March quarter increased 28% to 2,351 crore as against 1,832 crore in year-ago period.

Consolidated profit after tax increased by 51% to 3,169 crore for FY20.

Commenting on the results M G George Muthoot, Chairman, said, “We are glad to announce that consolidated loan assets of the Group grew by 22% at 46,871 crore during FY20 as against last year of 38,304 crs. Consolidated profit increased by 51% at 3,169 crore during FY20 as against last year of 2,103 crore. During the quarter, gold loan portfolio of Muthoot Finance increased by 3,113 crore to 41,611 crore. Standalone profit of Muthoot Finance for the year ended March 31, 2020 increased by 53% at 3,018 crore."

George Alexander Muthoot, Managing Director , on this occasion stated , “Company could open majority of its branches since April 20 and as of now all branches are functioning normally. Disbursements and collections have normalized and we are expecting increase in disbursement once movement of people increases and economic activity level picks up. Company continues to maintain adequate liquidity to meet all repayment obligations. We have been able to raise fresh Commercial paper, NCDs, Bank limits etc. We are looking to grow gold loan business by about 15% for the whole year."

On Wednesday, the company's scrip on BSE closed 2.79% higher at 1,007.90.

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