Muthoot Finance reports 14% rise in Q1 consolidated net

The indebtedness assets nether absorption fell by Rs 145 crore q-o-q arsenic the institution decided to spell dilatory connected non-gold business.

NBFC Muthoot Finance connected Friday reported a 14% year-on-year (y-o-y) summation successful its archetypal 4th consolidated nett net to Rs 979 crore, mostly owed to bully show of the golden indebtedness division. Consolidated indebtedness assets nether absorption accrued 25% y-o-y to Rs 58,135 crore against Rs 46,501 crore successful the year-ago period.

The company, which besides operates a location loan, microfinance and security broking subsidiaries, said the nett net of the golden indebtedness part accrued 16% y-o-y to Rs 971 crore, and the stock successful the consolidated nett accrued to 99%.

On a sequential basis, the full income of the golden indebtedness part decreased by 4% to Rs 2,715 crore and the nett net declined by 3% quarter-on-quarter from Rs 996 crore reported successful Q4 FY21. The indebtedness assets nether absorption fell by Rs 145 crore q-o-q arsenic the institution decided to spell dilatory connected non-gold business.

George Alexander Muthoot, MD, said: “We consciously decided to spell dilatory successful presumption of non-gold lending concern connected relationship of continued uncertainty and emerging uncertain recognition behaviour. We are redrawing our strategies successful presumption of non-gold lending concern and we are assured to look stronger arsenic situation improves. On the golden indebtedness front, we are targeting 15% maturation successful the remaining 3 quarters.”

Loan assets of the golden indebtedness part for the 4th stood astatine Rs 52,614 crore, compared to Rs 41,296 crore successful the year-ago period, increasing 27%.