Kochi: Muthoottu Mini Financiers Ltd, one of the leading NBFCs in India, has registered 25 per cent growth in FY21-22 and aims to close the current fiscal with an Asset Under Management (AUM) of Rs 4,000 crore through its aggressive expansion plans.
The company recently announced its ratings upgrade to A- (Stable) from BBB+ (Stable) by CARE Ratings.
The company's consolidated AUM touched Rs 2,498.60 crore in FY21-22 as compared to Rs 1,994.21 crore reported in the previous fiscal. The company has reported a consistent growth of 21.03 percent in AUM during FY19-20, 18 per cent during FY 20-21 and 25.29 per cent during FY 21-22 respectively. The Profit After Tax (PAT) for the year ended on March 31, 2022, grew by 45 per cent. As on March 31, 2022, the Gross NPA and Net NPA are at 0.61 per cent and 0.52 per cent respectively, the best in the industry. Muthoottu Mini, recently mopped up Rs 243 crore through Non-Convertible Debenture (NCDs) issue.
Commenting on the upgrade in CARE Ratings, Mathew Muthoottu, managing director, Muthoottu Mini Financiers Ltd said, “The CARE Ratings upgrade is a validation of how strong our brand is and our longevity in the gold loan business. We congratulate our entire team for their efforts. We are thankful to our customers for helping us to reach this coveted position. Over the last three years, we have consistently received rating upgrades, and have successfully clocked an average growth of 22%. We are committed to provide our full support to customers to help them fulfil their financial needs, through our innovative schemes. The company strives to understand its customers' needs and direct our valued services as per the customers' requirements according to changing times. We are well on our way to becoming the most preferred and one-stop financial services provider for the common man across India.”
As a part of its expansion plans, Muthoottu Mini aims to have a total of 1,000 branches by the end of 2023, from its current 830+ branch network. On the expansion plans, P E Mathai, Chief Executive Officer, said, “We are on track to expand both vertically and horizontally by increasing the number of branches and at the same time we are focussing on the yield and performance of existing branches.”
