KOCHI:
Muthoot Finance Ltd’s Consolidated Loan Assets Under Management (AUM) achieved a YoY increase of 28% to Rs. 55,800 crs as against last year of Rs. 43,436 crs for 9M FY21. Consolidated Profit after Tax achieved a YoY increase of 20% to Rs. 2,795 crs as against last year of Rs. 2,333 crs for 9M FY21.
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 24%, to Rs. 2,726 crs for 9M FY21 as against Rs. 2,203 crs in the previous year. Loan Assets stood at Rs. 50,391 crs as on December 31, 2020 as against Rs. 38,948 crs as ao December 31, 2019, Y-o-Y growth of 31%. During the quarter, gold loan assets increased by Rs. 3,389 crs.
Muthoot Homefin (India) Ltd (MHIL), the wholly owned subsidiary, loan portfolio decreased to Rs.1,881crs as against previous year of Rs.2,025crs. Total revenue for Q3 FY21 & 9M FY21 stood at Rs. 51 crs & Rs. 167crs as against total revenue of Rs. 88 crs & Rs. 240 crs for corresponding periods last year. It achieved a profit after tax of Rs.2 crs & Rs. 8 crs in Q3 FY21 & 9M FY21 as against last year’s profit of Rs. 11 crs & Rs. 31crs for corresponding period. Its Stage III Asset on Gross Loan Asset % as on December 31, 2020 stood at 1.56%. Company also made a Covid ECL provision of Rs.21crs additionally.
Belstar Microfinance Limited (BML) , an RBI registered micro finance NBFC and Subsidiary Company where Muthoot Finance holds 70.01% stake, grew its loan portfolio to Rs. 2,886 crs as against last year of Rs. 2,285crs, a YoY increase of 26%. During Q3 FY21, loan portfolio increased by Rs. 199 crs. It achieved a profit after tax of Rs. 5crs & Rs. 35 crs in Q3 FY21 & 9M FY21 as against previous year profit after tax of Rs. 26crs & Rs. 77 crs. Its Stage III Asset on Gross Loan Asset % as on December 31, 2020 stood at 0.67%. Company also made a Covid ECL provision of Rs.41crs additionally.
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. 107 crs & Rs. 258 crs in Q3 FY21 & 9M FY21 as against Rs. 85 crs & Rs. 217 crs in the previous year. It generated a Profit after Tax of Rs. 9 crs & Rs. 22 crs in Q3 FY21 & 9M FY21 as against Rs.5 crs & Rs.12 crs in the previous year.
The Sri Lankan subsidiary – Asia Asset Finance PLC. (AAF) where Muthoot Finance holds 72.92% stake, increased its loan portfolio to LKR 1,331 crs as against last year of LKR 1,301 crs, a YoY increase of 2%. Total revenue for Q3 FY21 & 9M FY21 stood at LKR 71 crs & LKR 217 crs as against previous year total revenue of LKR 86 crs & LKR 252 crs. It generated a profit after tax of LKR 1.6 crs & LKR 1.8 crs in Q3 FY21 & 9M FY21 as against previous year profit after tax of LKR 4 crs & LKR 9 crs.
Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MML is a RBI registered Non- Banking Finance Company engaged mainly in extending loans for vehicles. Recently, Company has started extending loans for Commercial Vehicles and Equipments. Its loan portfolio stood at Rs.421crs as on December 31 ,2020.During Q3 FY21, loan portfolio decreased by Rs. 42 crs. Total revenue for Q3 FY21 & 9M FY21 stood at Rs. 16 crs & Rs. 54crs. It made a profit of Rs. 3crs for 9M ended December 31, 2020. Company also made a Covid ECL provision of Rs 8 crs additionally.
Commenting on the results M G George Muthoot, Chairman stated, “We are glad to announce that consolidated loan assets of the Group grew by 28% at Rs. 55,800 crs during 9M FY21 as against last year of Rs. 43,436 crs. Consolidated Profit increased by 20% at Rs. 2,795 crs during 9M FY21 as against last year of Rs. 2,333 crs.
Speaking on the occasion George Alexander Muthoot, Managing Director said, “We had a remarkable third quarter with several achievements. Our Standalone Loan Assets of Muthoot Finance has crossed the landmark of Rs.50,000crs. Our active customers presently having a loan account also crossed the landmark of 50lakhs customers. We have achieved a growth of 22% in gold loan portfolio during the 9 months of current year and likely to end the year with at least 25% growth as against previous year growth of 22%. During the quarter, gold loan portfolio of Muthoot Finance increased by Rs. 3,389crs to Rs. 49,622crs i.e., QoQ growth of 7%. Standalone profit of Muthoot Finance for the 9 months ended December 31, 2020 increased by 24% at Rs. 2,726crs. Our disbursements for the quarter were focused on new customer additions, fresh loans to active and inactive customers and top-up loans to existing customers. We disbursed fresh loans to 3.88lakh new customers amounting to Rs.2,976crs and to 4.38lakh inactive customers amounting to Rs.2,960crs. Subsidiaries followed a cautious approach towards lending. Non-gold loan portfolio in subsidiaries constituted 10% of consolidated loan portfolio.”
