India's largest gold loan NBFC's consolidated net profit fell 2.4% to Rs 973.50 crore despite of 8.5% rise in total income to Rs 3,298.36 crore in Q4 FY23 over Q4 FY22.

Consolidated profit before tax fell marginally to Rs 1,354.88 crore in Q4 FY23 from Rs 1,315.83 crore recorded in the same period last year.

The gold financer's consolidated loan assets under management stood at Rs 71,497 crore in Q4 FY23, rising 10% from Rs 61,494 crore posted in Q4 FY22 and rose 10% quarter on quarter from Rs 65,085 crore reported in Q3 FY22.

During the quarter, total disbursement stood at Rs 51,850 crore .

On full year basis, the company's net profit declined 12.2% to Rs 3,473.53 crore on 5% fall in total income to Rs 10,543.75 crore in FY23 over FY22.

Capital adequacy ratio was at 31.77% as on 31 March 2023.

Commenting on the company's performance, George Jacob Muthoot, chairman, Muthoot Group, said, “Our vision is to remain leader in gold loan business and at the same time cater to large customer base with various loan products to meet their varied requirements. In this process, we expect to grow the loan book by 10-15% during FY24. We continue to share the profits generated during the year to our shareholders by paying an interim dividend of 220% i.e, Rs 22 per equity share of Rs 10 each which involved a total payout of Rs 883crore.”

George Alexander Muthoot, managing director, said, “The disbursements also stood historic high in any Q4 at Rs 51,850 crore. Profit after tax remained steady for the quarter at Rs 903 crore. Increase in Stage 3 assets is purely an accommodation given to customers for few more months on the back of higher collateral value and we do not envisage any loss on account of the extended time.

We have entered into new lending products like small business loans as well as micro personal loans. We intend to achieve calibrated growth in these new products during FY24."

Muthoot Finance is the flagship company of the Kerala-based business house, The Muthoot Group, which has diversified operations in financial services, healthcare, education and hospitality. It is India's largest gold loan focused NBFC.

The scrip declined 1.45% to settle at Rs 1,034.75 on Friday, 19 May 2023.