Muthoot Microfin reports Rs 1,095 million profit for Q2FY24

Kochi: Kerala-based microfinance firm Muthoot Microfin Limited has reported Rs 1,095.74 million profit after tax for the quarter that ended on September 30, the company said.

The company said the profit was a rise of 14.5 per cent from the previous quarter.

The microfinance arm of Kerala-based Muthoot Pappachan Group in a release said, the company has also posted growth indicators with total income from operations growing 17.74 per cent from the previous quarter to Rs 5,636.25 million as of September 30, 2023.

Commenting on the results, Muthoot Microfin CEO Sadaf Sayeed said the financial performance over the first half of this financial year was the result of building a flexible operational framework.

"This ensures we are consistently delivering lending options to our customers, enabling them to be financially independent," Sayeed said in the release.

Muthoot Microfin MD Thomas Muthoot said the company firmly believes that their initiatives will chart the path towards sustainable and healthy growth of the company.

The company's operating margin stood at 26.22 per cent with a capital position of CRAR at 20.46 per cent, the company release said.

It said Muthoot Microfin has CRISIL's highest comprehensive microfinance grading of M1C1 for its capacity and code of conduct assessment.