Muthoot Finance Q1 Results Highlights: Net Profit Increases by 11%, Net Interest Income Up by 22%

The company's net profit saw a significant increase of 10.6%, reaching ₹1,078.6 crore, up from ₹975.1 crore in the corresponding quarter of the previous year. Net interest income (NII) also grew by 21.6%, rising to ₹2,352.7 crore compared to ₹1,934.9 crore year-on-year. Additionally, revenue climbed to ₹37,040 crore, up from ₹29,990 crore during the same period last year.

Muthoot Finance Q1 Results Highlights

• Muthoot Finance has released its financial results for the first quarter of FY24, showing a notable 10.6% increase in net profit to ₹1,078.6 crore, up from ₹975.1 crore in the same quarter the previous year. 
• The company also reported a 21.6% rise in net interest income (NII), which reached ₹2,352.7 crore compared to ₹1,934.9 crore year-on-year. Sales experienced a substantial growth of 28.87%, climbing to ₹4,473.86 crore from ₹3,471.71 crore in the prior year. 
• Additionally, revenue rose to ₹37,040 crore, an increase from ₹29,990 crore year-on-year.
• In comparison, Manappuram Finance reported an 11.8% growth in net profit for Q1, achieving ₹556.5 crore, up from ₹498 crore year-on-year (YoY). 
• The company’s net interest income (NII) increased by 18.7%, amounting to ₹1,639.9 crore, up from ₹1,381.7 crore during the same period last year. 
• Manappuram Finance also announced an interim dividend of ₹1 per equity share, with a face value of ₹2.

About Muthoot Finance Ltd

Muthoot Finance Ltd (Muthoot Finance) specializes in gold financing and provides a broad array of financial products, including gold loans, gold coins, personal loans, general insurance, housing finance, and non-convertible debentures. The company's services extend to money transfer, PAN Card services, foreign exchange, leasing and factoring services, travel solutions, as well as digital and cashless solutions. 

Muthoot Finance serves both individual and corporate clients through its extensive network of branch offices and online platforms. While primarily operating in India, the company also maintains representative offices in the US, the UK, the UAE, and Sri Lanka. Muthoot Finance is headquartered in Kochi, Kerala, India.