Muthoot Finance on Thursday posted a marginal decline in its consolidated net profit for the quarter ended March 31, 2022 toRs 1,006 crore, fromRs 1,024 crore a year ago, on account of a decline in revenue from operations.
The Kochi-based NBFC’s consolidated revenue from operations fell almost 4% on year to Rs 2,917 crore in the quarter under review. The decline in the top line was due to drop in home and vehicle finance loans. The company also witnessed a decline because of lending operating in Sri Lanka getting affected. Loan assets in home finance declined 14% on year to Rs 1,470 crore while vehicle finance loans declined 44% on year to Rs 207 crore. Sri Lanka lending operations fell 13% to Rs 446 crore in the March quarter.
The company’s microfinance operations has loan portfolio of Rs 4,366 crore, which grew 32% on year.The company had disbursed fresh loans to four lakh new customers amounting to Rs 4,664 crore and to 4.89 lakh inactive customers amounting to Rs 4,759 crore.Despite the challenges, the company’s core gold loan operations improved 10% year-on-year to Rs 58,053 crore in the fourth quarter.The company recently launched an online gold loan scheme.