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Muthoot Microfin Results: Latest Quarterly Results & Analysis

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Muthoot Microfin Ltd. 09 May 2025 11:35 AM
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Q4FY25 & FY25 Result Announced for Muthoot Microfin Ltd.

Microfinance Institutions company Muthoot Microfin announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Net Interest Income for Q4FY25 stood at Rs 321.05 crore compared to 399.44 for Q4FY24,
  • Pre-provision operating profit (PPOP) for Q4FY25 stood at Rs 130.29 crore, compared to 239.28 for Q4FY24
  • PAT for Q4FY25 stood at loss of Rs -401.5 compared to 119.76 for Q4FY24

FY25 Financial Highlights:

  • Total income for the year stood at Rs 2,564 crore, a growth of 13.7% YoY
  • Net Interest Income increased by 14.3% from Rs 1,357 crore to Rs 1,551 crore
  • Pre-provision operating profit (PPOP) stood at Rs 868 crore, up 15.0% YoY
  • Amid sectoral headwinds, the company maintained a cautious stance with elevated provisions and creation of a prudent management overlay to Rs 230 Crore resulting a loss of Rs 222 crore.
  • The GNPA of the Company is at 4.84% as against GNPA of 2.29% a year ago, NNPA (Net of Stage III provision) stood at 1.34% as against 0.91% last year
  • Robust liquidity of Rs 697 crore of unencumbered cash and cash equivalents, alongside unutilized sanctions totalling Rs 596 crore.
  • Healthy capital position with a CRAR of 27.9%
  • NII for FY25 at 1,551 Crore up 14.3% YoY; PPOP at 868 Crore up by 15.0% YoY
  • AUM reached Rs 12,357 Crore, a growth of 1.3% YoY

Commenting on the performance, Thomas Muthoot, Chairman & Non-Executive Director of Muthoot Microfin, said “FY25 has been a challenging year for the industry, testing our resilience and reafirming that true strength lies not in avoiding adversity, but in responding to it with discipline, empathy, and adaptability. At Muthoot Microfin, we chose to prioritise asset quality and customer engagement over short-term profitability. While this conservative approach impacted our profitability due to elevated provisions and a deliberate management overlay of Rs 230 crore, but these were essential steps to strengthen our long-term portfolio health.

As part of this effort, we have further tightened our underwriting norms and aligned fresh disbursements with the new SRO guardrails implemented from April 1, 2025. This has led to higher rejection rates, reduced borrower over-leverage, and early signs of improving credit discipline.

Importantly, we continued to invest in people and impact. We onboarded 834 female Relationship Oficers / Loan Oficers in FY25, reinforcing our commitment in building a more representative and empathetic workforce.

Our social impact efforts also expanded meaningfully. We facilitated 10.2 lakh e-clinic consultations and 3.7 lakh tele-consultations till date, improving healthcare access in underserved areas. Additionally, we honoured 90,639 natural catastrophe insurance claims during FY25, disbursing over Rs 18.3 crore to support customers during difficult times.

With AUM reaching Rs 12,357 crore as of March 2025, we continue to grow with discipline and caution. As we look ahead to FY26, we remain cautiously optimistic, guided by our belief that sustainable growth comes from strong fundamentals.”

Sadaf Sayeed, CEO, Muthoot Microfin, said, “FY25 was undeniably a challenging year for the microfinance industry, with external disruptions and regional stress pockets, especially in Karnataka. In response, we adopted a prudent and measured approach focusing on enhancing operational efficiency and preserving liquidity. With a conscious decision to moderate disbursements for the fiscal year, our emphasis remained on conserving Tier-1 capital, maintaining strong liquidity bufers, resolving asset quality challenges, and steadily improving collection efficiency.

For FY25, Net Interest Income stood at Rs 1,551 crore, growing 14.3% YoY, with PPOP at 868 Crore growing 15.0% YoY. We proactively strengthened provisioning bufers to safeguard long-term portfolio quality, helping contain stress in SMA buckets and limit forward flows. While this conservative approach led to a net loss of Rs 222 crore, it has laid a solid foundation for sustainable growth.

We continue to maintain strong liquidity of Rs 697 crore and a healthy capital adequacy ratio of 27.9%, giving us financial flexibility to manage near-term challenges and support future expansion.

Beyond financials, we continued to invest in digital empowerment. Over 1.5 crore transactions worth Rs 2,297 crore were conducted digitally by our customers for repayments. A meaningful portion of our customer base holds retail credit products, suggesting potential to gradually expand our oferings and diversify the loan portfolio.

In a strong endorsement of our responsible growth model, Muthoot Microfin received an outstanding ESG score of 72.2 and was rated CareEdge-ESG 1. This places us among India’s ESG leaders in financial services and marks the highest ESG rating ever given by CARE for this sector. It stands as a strong testament to our unwavering commitment to responsible growth and excellence across environmental, social, and governance standards.

With collection eficiency stabilising and early signs of recovery visible, we are well positioned for steady growth ahead. Our disciplined risk management, calibrated disbursement strategy, and focus on efficiency will continue to drive momentum while protecting portfolio quality.”

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Finance company Muthoot Microfin announced Q3FY25 results

  • Total income increased by 17.7% YoY from Rs 579 crore to Rs 681 crore.
  • Net interest income (NII) increased by 23.1% YoY from Rs 341 crore to Rs 420 crore.
  • Pre-provision operating profit (PPOP) increased by 39.6% YoY from Rs 181 crore to Rs 252 crore.
  • Profit After Tax (PAT) for the quarter declined from Rs 125 crore to Rs 4 crore.
  • The GNPA of the Company is at 3.03% as against GNPA of 2.29% a year ago, NNPA (Net of Stage III provision)* stood at 1.27% as against 0.87% last year
  • Robust liquidity of Rs 788 crore of unencumbered cash and cash equivalents, alongside unutilized sanctions totalling Rs 715 crore and pending DA/PTC sanctions of 1,267 crore
  • Healthy capital position with a CRAR of 30.5%.
  • 25% of our collections are via digital channels such as UPI/Customer App, while 100% disbursements are entirely executed digitally
  • Total income grew by 17.7% YoY, from Rs 579 crore to Rs 681 crore.
  • AUM increased by 8.3% YoY, from Rs 11,458 crore in Q3FY24 to Rs 12,405 crore in Q3FY25.
  • NIM rose by 78 bps, from 12.5% in Q3FY24 to 13.3% in Q3FY25.
  • PPOP increased by 39.6% YoY, from Rs 181 crore in Q3FY24 to Rs252 crore in Q3FY25.
  • CoF decreased by 14 bps YoY, from 11.21% in Q3FY24 to 11.07% in Q3FY25.

Thomas Muthoot, Chairman & Non-Executive Director of Muthoot Microfin, said: The first nine months of FY25 presented challenges due to various macroeconomic and industry-related factors that affected the Indian financial sector. Despite this environment, we remained committed to managing our portfolio with utmost caution, striking a balance between operational efficiency and strong asset quality.

Our Assets Under Management remained flat QoQ at Rs 12,405 crore, declining marginally by 0.9% QoQ driven by calibrated disbursements. GNPA for this period stood at 3.03%, a marginal uptick ( 33bps QoQ) despite the elevated industry stress. Our disciplined underwriting policies supported by a data-driven scorecard and a robust collection team, have enabled us to minimize the impact of industry challenges. We would continue to maintain a balanced approach to business, with focus on asset quality, and improving profitability.

On the leadership front, we are delighted to welcome Mr. Thomas Muthoot John, a member of the fourth generation of the Muthoot Pappachan Group (MPG), to the Board of Muthoot Microfin as an Executive Director. His fresh perspective, innovative ideas, and dynamic energy will play a pivotal role in driving the next phase of growth, innovation, and expansion. Together, we are committed to strengthening MPG’s legacy and further solidifying our position as a leader in the microfinance industry.”

Result PDF

Finance (including NBFCs) company Muthoot Microfin announced Q2FY25 results

Financial Highlights:

  • Total income grew by 18.0% YoY, from Rs 565 crore to Rs 667 crore.
  • AUM increased by 15.2% YoY, from Rs 10,867 crore in Q2FY24 to Rs 12,518 crore in Q2FY25.
  • NIM rose by 57 bps, from 12.79% in Q2FY24 to 13.36% in Q2FY25.
  • PPOP increased by 26.0% YoY, from Rs 187 crore in Q2FY24 to Rs 236 crore in Q2FY25.
  • GNPA increased by 33 bps YoY, from 2.37% in Q2FY24 to 2.70% in Q2FY25.
  • CoF decreased by 14 bps, from 11.20% in Q2FY24 to 11.06% in Q2FY25.

Business Highlights:

  • GLP grew by 15.2% YoY from Rs 10,867 crore to Rs 12,518 crore; company disbursed Rs 2,674 crore.
  • Borrower base grew by 7.7% YoY from 32 lakh to 34 lakh across 1,593 branches. The branch count grew by 18.9% YoY as the company added 31 new branches in Q2.
  • South now comprises 50% of portfolio as the company makes inroads to two new states - Telangana and Andhra Pradesh.

Thomas Muthoot, Managing Director of Muthoot Microfin, said: "Amid recent industry challenges, Muthoot Microfin delivered a solid performance this quarter, achieving a 15.2% YoY increase in our Gross Loan Portfolio, now at Rs 12,518 crore. We also added 31 new branches during this period. Our disciplined lending practices, backed by robust underwriting standards and prudent NATCAT policies, have driven sustainable portfolio growth while preserving asset quality. This quarter, we maintained a GNPA of 2.70% and NNPA of 0.97%, underscoring the strength of our portfolio.

As we look ahead, we are prepared to accelerate our growth trajectory in this evolving industry landscape. With the implementation of SRO guardrails, we are committed to upholding high standards that will further strengthen stakeholder confidence and enhance the industry’s reputation.”

Sadaf Sayeed, CEO, Muthoot Microfin, said: “The company has cautiously inched up disbursements to Rs 2,674 crore in the September quarter, up from Rs 2,204 crore in the previous quarter and returning to similar levels as last year. We expect growth to reaccelerate in coming quarters with usual seasonal upswing coupled with our focus on harnessing existing customers and strengthening our core geographies.

Our asset quality remains stronger-than-peers led by our core mature southern markets and our robust underwriting and collection practices. During Q2, we have gone a step further and adopted a stance of being far more conservative providing additional Macro enabled overlay of 31.2 crore given bulging industry concerns. This increase in provisioning has resulted in creating Rs 153 crore surplus to IRAC prudential norms.

Our willingness to invest against profitability has negatively impacted our ROA during the quarter which has gone down to 2.00%. We continue to underpin our ambition of industry leading returns and recalibrate our FY25 ROA guidance to 3.0-3.5% acknowledging the uncertainty prevailing within the industry while maintaining a continuous focus on balancing growth, profitability, and liquidity.”

Result PDF

Finance company Muthoot Microfin announced Q1FY25 results:

Financial Highlights: 

  • Total income increased by 33.5% YoY from Rs 480 crore to Rs 641 crore
  • Net interest income (NII) increased by 36.6% YoY from Rs 280 crore to Rs 383 crore
  • Pre-provision operating profit (PPOP) increased by 50.4% YoY from Rs 148 crore to Rs 223 crore
  • Profit After Tax (PAT) up by 18.3% YoY from Rs 96 crore to Rs 113 crore
  • The GNPA of the Company is at 2.10% as against GNPA of 2.75% a year ago, NNPA (Net of Stage III provision)* stood at 0.71% as against 1.09% last year. The GNPA improved by 65 bps and NNPA* by 38 bps.
  • Robust liquidity of Rs 1,070 crore of unencumbered cash and cash equivalents, 9% of the total assets alongside unutilized sanctions totalling Rs 3,159 crores.
  • Healthy capital position with a CRAR of 30.29%
  • 26.8% of our collections are via digital channels such as UPI/Customer App, while 100% disbursements are entirely executed digitally

Business Highlights:

  • GLP grew by 21.6% YoY from Rs10,038 crore to Rs 12,210 crore; company disbursed Rs 2,204 crore
  • Borrower base grew by 13.1% YoY from 30 lakhs to 34 lakhs across 1,562 branches. The branch count grew by 27.0% YoY as the company added 54 new branches in Q1.
  • South now comprises 51% of portfolio as the company makes inroads to two new states - Telangana and Andhra Pradesh
  • During the quarter Muthoot Microfin Ltd received Corporate Agent licence from IRDAI; enabling customized insurance plans to customers while augmenting its sources of revenue and earnings
  • Entered into Co-lending Agreement with State Bank of India to empower women entrepreneurs in rural and semi-urban regions
  • Lowered interest rates by 35 bps in July; second rate reduction introduced this year bringing down effective lending rate from 23.65% to 23.30%
  • Greenshoe portion of the ECB oversubscribed from USD 25 million to USD 38 million; closure at USD 113 Million

Thomas Muthoot, Managing Director of Muthoot Microfin, said- “Q1FY25 was a challenging quarter. In spite of the long duration of general elections, we managed to maintain the growth momentum. Despite these temporary disruptions, we remained resilient and continue to focus on steady portfolio growth driven by customer acquisition and the expansion of our branch network. Our scale enables us to achieve greater operating efficiencies, and with stable NIMs and robust asset quality, we are in a position to implement and execute the growth plans with greater confidence.”

Sadaf Sayeed, CEO, Muthoot Microfin, said- “Reflecting on our Q1FY25, we are proud with our consistent operating performance. In spite of the elections, heatwaves and seasonal factors at play during the quarter, AUM growth remained strong at 21.6% YoY driven by expansion in branches and acquisition of customeRs

Our core states in South remain resilient showing no stress from elections, agitations or natural calamities. We recently entered Telangana and plan to venture in Andhra Pradesh in the coming quarteRs We see a lot of untapped potential and believe a large chunk of growth in future to be also driven by further penetration into these markets.

Our NIMs remain steady and we have passed two consecutive rate cut benefits during 2024 to our customeRs Our cost of borrowings too has improved sequentially and incremental cost stands at healthy 10.3%. We continue to reaffirm our guidance to full year numbers led by our robust regional mix, strong asset quality, Tech innovations and efficient liability franchise."

Result PDF

Finance company Muthoot Microfin announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Total income increased by 45.8% YoY from Rs 448.2 crore to Rs 653.4 crore
  • Net interest income (NII) increased by 47.0% YoY from Rs 272.1 crore to Rs 400.1 crore
  • Pre-provision operating profit (PPOP) increased by 62.7% YoY from Rs 150.1 crore to Rs 244.1 crore
  • Profit After Tax (PAT) increased by 26.7% YoY from Rs 94.6 crore to Rs 119.8 crore

FY24 Financial Highlights:

  • Total income increased by 58.0% YoY from Rs 1,446.3 crore to Rs 2,285.5 crore
  • Net interest income (NII) increased by 55.7% YoY from Rs 874.4 crore to Rs 1,361.1 crore
  • Pre-provision operating profit (PPOP) increased by 75.1% YoY from Rs 436.1 crore to Rs 763.8 crore
  • Profit After Tax (PAT) increased by 174.3% YoY from Rs 163.8 crore to Rs 449.5 crore
  • The GNPA of the Company is at 2.3% as against GNPA of 2.9% a year ago, NNPA stood at 0.4% as against 0.6% last year. The GNPA improved by 68 bps and NNPA by 25 bps.
  • Collection Efficiency at 98.4% up 260 bps
  • Robust liquidity of Rs 957.7 crore of unencumbered cash and cash equivalents, 8.3% of the total assets alongside unutilized sanctions totalling Rs 2,119 crore.
  • Healthy capital position with a CRAR of 28.9%
  • 26.3% of collections are via digital channels such as UPI/Customer App, while 100% disbursements are entirely executed digitally.

Thomas Muthoot, Managing Director of Muthoot Microfin, said- “We are pleased to share yet another quarter and fiscal of impressive financial performance, showcasing steady growth in our portfolio led by the acquisition of more customers and expansion of branch network of company. The scale that we have will allow greater operating efficiencies and with stable NIMs and robust asset quality that we have achieved gives us several reasons to believe our performance will continue to improve. Our ROA doubled up to 4.2% in FY24 and the quarter was the fifth straight quarter of RoA remaining above 4%. Our ROE has surpassed our annual guidance led by significantly improved profitability as we continue to deliver outsized returns to our shareholders. We will continue to focus our strategic efforts to grow steadily and responsibly while ensuring excellent corporate governance, operational agility, and resilience. As a responsible MFI player, our mission extends well beyond profit margins. We combine our robust business performance with social responsibility to contribute to a better and more inclusive society.”

Sadaf Sayeed, CEO, Muthoot Microfin, said- "Reviewing our FY24 performance, we take great pride in consistently achieving excellence across all key parameters. Our assets under management have surged by 32% year-on-year, reaching Rs 12,193.5 crore, while we have ended the year with Total income and net profit at new highs. Total income for the year increased by 58.0% YoY from Rs 1,446.3 crore to Rs 2,285.5 crore and Net Profit rose by 174.3% YoY from Rs 163.9 crore to Rs 449.6 crore. The notable improvement in our NPA figures, with NNPA standing at 0.4%, reflects our steadfast commitment to maintaining a robust and healthy loan portfolio. Additionally, we have successfully raised USD 75 million via ECB which further enables us by advancing our liquidity and is a step towards funding diversification and effective ALM management. Our strategic expansion into Telangana and upcoming plans for Andhra Pradesh underscore our commitment to align our growth aspirations with fostering financial inclusion and driving socio-economic progress.”

Result PDF

Non-banking Financial company Muthoot Microfin announced Q3FY24 results:

Financial Performance:

  • Total Income: Increased by 52.61% YoY from Rs 383.21 crore to Rs 584.83 crore.
  • Net Interest Income (NII): Saw a 53.07% YoY rise from Rs 224.13 crore to Rs 343.07 crore.
  • Gross Loan Portfolio (GLP): Went up by 38.64% YoY from Rs 8,264.59 crore to Rs 11,458.14 crore.
  • Pre-Provision Operating Profit (PPOP): Escalated by 71.97% YoY from Rs 106.01 crore to Rs 182.31 crore.
  • Profit After Tax (PAT): Surged by 119.06% YoY, rising from Rs 56.86 crore to Rs 124.57 crore.

Asset Quality:

  • Gross NPA: Improved to 2.29% from last year's 3.49%, a betterment by 120 basis points (bps).
  • Net NPA: Stood at 0.33%, a decline from 0.97% last year, which is an improvement by 64 bps.

Operational Metrics:

  • Borrower Base: Witnessed an increase of 26.67% YoY, growing from 25.88 lakhs to 32.78 lakhs.
  • Branch Count: Expanded by 30.88% YoY.
  • Collection Efficiency: Maintained at a robust rate of 98.44%.

Digital Transactions:

  • 26.28% of collections were via digital channels (such as UPI/Customer App).
  • 100% of disbursements were executed digitally.

Capital and Liquidity:

  • Liquidity Position: Held Rs 1,179.19 crore of unencumbered cash and cash equivalents, which is 10.52% of the total assets.
  • Unutilized Sanctions: Accumulated to Rs 2,002 crore.
  • Capital Adequacy Ratio (CRAR): Remained healthy at 29.57%.

Credit Ratings:

  • Rated A /Stable and received a grading of M1C1 by CRISIL.

Thomas Muthoot, Managing Director of Muthoot Microfin, said, "We are delighted to announce yet another quarter of strong financial performance. The company’s balance sheet has grown over 12% QoQ and 49% YoY to Rs 112,049.2 million, with active customer numbers growing by 27% YoY to 3.28 million as of December 31, 2023. Our focus on expanding operations, coupled with a robust risk management framework has enabled us to grow at a good and sustainable pace. As we look ahead, we are confident in our ability to sustain this momentum and contribute to the economic well-being of the communities we serve. With a commitment to serving customers in new geographies, the company is set to embark on a strategic expansion plan in the coming months.”

Sadaf Sayeed, CEO, Muthoot Microfin, said, "Our dedication to providing innovative and tailored financial solutions with technological advancements has been instrumental in achieving these commendable results. Our assets under management have grown 5% QoQ and 39% YoY to Rs 114,581.37 million, with PAT soaring by 119% YoY to Rs 1,245.7 million for the Quarter ending December 2023. Our digital collection is growing steadily with 26.28 percent of overall collections, a 7 percent QoQ and 5% YoY growth. The improved NPA figures (NNPA of 0.33%) underscore our commitment to maintaining a healthy loan portfolio. All the key indicators are showing tremendous growth and the macro-economic outlook of the country is favourable to the industry for us to sustain this growth rate."

 

 

Result PDF

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