Muthoot Finance standalone net profit up by 11% at INR 1972 crore

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Muthoot Homefin increased its loan portfolio to Rs.1908 crore as against previous year of Rs.1459 crore

Muthoot Finance Ltd Consolidated Loan Assets under management achieved a YoY increase of 20% at Rs.38304 crore as against last year of Rs.31921 crore. During the quarter, Consolidated Loan Assets under management increased by 7% of Rs.2361 crore. Consolidated Profit after tax achieved a YOY increase of 14% of Rs.2103 crore as against last year of Rs.1844 crore.

Highlights:

  • Consolidated Loan Assets Under Management increased by 20% YoY at Rs.38304 crore
  • Consolidated Profit after Tax increased by 14% YoY at Rs.2103 crore
  • Standalone Loan Assets Under Management increased by 18% YoY at Rs.34246 crore for FY19
  • Standalone Profit after tax increased by 11% YoY at Rs.1972 crore for FY19
  • Standalone Results of Muthoot Finance Ltd and its subsidiaries

Muthoot Finance Ltd (MFIN), the largest gold financing company in India in terms of loan portfolio, registered an increase in net profit of 11%, at Rs.1972 crore for FY19 as against Rs.1778 crore in the previous year. Loan Assets stood at Rs.34246 crore as at March 31, 2019 as against Rs.29142 crore as at March 31, 2018, Y-o-Y growth of 18%. During Q4 FY19, Loan Assets increased by Rs.1776 crore.

Muthoot Homefin (India) Ltd (MHIL) , the wholly owned subsidiary, increased its loan portfolio to Rs.1908 crore as against previous year of Rs.1459 crore , a YoY increase of 31%. During Q4 FY19 , loan portfolio increased by Rs.72 crore. Total revenue for FY19 stood at Rs.226 crore as against previous year total revenue of Rs.117 crore. It achieved a net profit of Rs.36 crore in FY19 as against previous year profit of Rs.22 crore. Its Stage III Asset on Gross Loan Asset % as on March 31, 2019 stood at 0.74%.

M/s. Belstar Investment and Finance Private Limited (BIFPL) ,an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 70.01% stake, grew its loan portfolio to Rs.1842 crore as against last year of Rs.1138 crore, a YoY increase of 62%. During Q4 FY19, loan portfolio increased by Rs.279 crore. It achieved a profit after tax of Rs.73 crore in FY19 as against previous year profit after tax of Rs.27 crore. Its Stage III Asset on Gross Loan Asset % as on March 31, 2019 stood at 1.15%.

Muthoot Insurance Brokers Pvt Limited (MIBPL), an IRDA registered Direct Broker in insurance products and a wholly owned subsidiary company generated a total premium collection amounting to Rs.268 crore in FY19 as against Rs.169 crore in the previous year. It generated a Profit after Tax of Rs.15 crore in FY19 as against Rs.11 crore in the previous year.

The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 69.17% stake, increased its loan portfolio to LKR 1257crs as against last year of LKR 995crs, a YoY increase of 26%. During Q4 FY19, loan portfolio increased by LKR 94 crore. Total revenue for FY19 stood at LKR 287 crore as against previous year total revenue of LKR 257 crore. It generated a profit after tax of LKR 10 crore in FY 19 as against previous year profit after tax of LKR 18 crore.

Muthoot Money Pvt Ltd (MMPL) became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MMPL is a RBI registered Non- Banking Finance Company engaged mainly in extending loans for vehicles. The operations are now centered in Hyderabad. Recently, Company has started extending loans for Commercial Vehicles and Equipments. During FY 19, it has increased its loan portfolio to Rs.311crs.

Commenting on the results M G George Muthoot, Chairman stated, “We are glad to announce that consolidated loan assets of the Group grew by 20% at Rs.38304 crore during FY 19 as against last year of Rs.31921 crore. Consolidated Profit increased by 14% at Rs.2103 crore during FY 19 as against last year of Rs.1844 crore. Muthoot Finance also paid an interim dividend of 120% i.e. Rs.12 per share for FY 19. Company also made public issue of debentures focusing on retail investors raising Rs.709 crore which shows our ability to have diversified funding sources”.

Speaking on the occasion George Alexander Muthoot, Managing Director said, “Muthoot Finance achieved a growth of 18% during FY19 reaching Rs.34246 crore as against last year of Rs.29142 crore. Subsidiaries have achieved considerable momentum in building loan assets. Our subsidiaries achieved YoY loan growth of 51% reaching Rs.4558 crore as against last year of Rs.3012 crore. They are contributing 12% of Group Loan assets. Muthoot Homefin (India) Limited has grown its loan portfolio to Rs.1908crs as against previous year of Rs.1459 crore, a YoY increase of 31%. The micro finance subsidiary which has a strong SHG model increased its loan portfolio to Rs.1842 crore as against last year of Rs.1138 crore, a YoY increase of 62%. The NBFC in Sri Lanka increased its loan portfolio by 26% YoY. Total Premium collections in the Insurance Broking subsidiary increased by 59% at Rs.268 crore during the year as against previous year.”