KOCHI:
Muthoottu Mini Financiers Ltd., one of the leading NBFCs in India, today announced its ratings upgrade to A- (Stable) from BBB+ (Stable) by CARE Ratings. The company has registered 25% growth in FY21-22 and aims to close FY22-23 with an AUM of INR 4, 000 crores through its aggressive expansion plans.
The company’s consolidated Asset Under Management (AUM) touched INR 2,498.60 crores in FY21- 22 as compared to INR 1,994.21 crores reported in the previous fiscal. The company has reported a consistent growth of 21.03 percent in AUM during FY19-20, 18 percent during FY 20-21 and 25.29 percent during FY 21-22 respectively. The Profit After Tax (PAT) for the year ended on March 31, 2022, grew by 45 percent. As on March 31, 2022, the Gross NPA and Net NPA are at 0.61 percent and 0.52 percent respectively, is the best in the industry. Muthoottu Mini, recently mopped up INR 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. Speaking on the expansion plans, Mr. 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. This year we are planning to achieve our targets by categorising branches with a minimum per branch gold loan AUM of 3Cr and upto 25 Cr AUM depending upon the potential of the branches. Moreover, we are strengthening our digital platforms to adapt to the new normal and will continue to serve the valued customers consistently in the most innovative ways.”
The company has around 4000 employees with a network of 830+ branches spread across the states of Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa and the union territory of Pondicherry.
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