Quarterly Performance update

Muthoot Finance Ltd- Quarter 4 FY22 Highlights

(A) Last 4 Quarters Performance – Muthoot Finance Ltd

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Muthooth Finance Ltd - last 4 quarter performance

Key Margins Muthoot Finance Ltd – Quarterly

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(B) Quarter on Quarter Performance of Muthoot Finance Ltd

Muthooth Finance Ltd - QoQ performance

(C) Annual Performance (YOY) of Muthoot Finance Ltd

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Muthooth Finance Ltd - Annual Performance

(D) Other Financial Parameters of Muthoot Finance

(a) Interest Income on Average Loan Assets -

Muthooth Finance Ltd - Interest income

(b) Interest Expense on Average Loan Assets

Muthooth Finance Ltd - Interest Expense

(c) Net Interest Margin

Muthooth Finance Ltd - Net interest margin

(d) ROA(%)

Muthooth Finance Ltd - ROA

(e) ROE(%)

Muthooth Finance Ltd - ROE

(E) Key Highlights till Quarter 4 of FY22

Business Updates

  • The company estimates AUM growth of 12-15% and minimum spread of 10% for FY23.
  • Muthoot Finance, as well as many companies, are facing issues in the opening of new branches due to delays by the regulator.
  • RBI rate hike may not dampen the overall demand scenario. It expects the cost of borrowings to gradually rise.
  • Management is cautious on housing/vehicle finance business.

Quarterly Updates

  • Gold AUM grew from Rs. 54,687.6Cr to Rs. 58,053Cr by 6% quarter on quarter basis.
  • The company's quarter-on-quarter revenue reduce by 4.42% from Rs. 3,117.76Cr to Rs. 2,979.94Cr.
  • Online gold loan ratio grew by 2% quarter on quarter basis from 31.8% to 33.8% (including paytm, Phonepe and GPay).
  • Gold loan business per branch increased from Rs. 11.74Cr in Dec 2021 to Rs. 12.46Cr in Mar 2022.
  • Average Monthly Disbursement is Rs. 11200Cr in Q4FY22 against Rs. 10,400Cr in Q3FY22.
  • The company's 42% of loan assets are below 1lakh in size. Whereas 22% of the loans are of above Rs 3lakh in size.
  • Company gold auction stood at 2,100Cr in Q4 of FY22.
  • Due to headwinds from the competition the number of loan accounts fell by ~2% on quarter on quarter basis.


  • With respect to it's subsidiaries the collections of microfinance, vehicle finance, home loans have improved.
  • To attract more customers, the company offered a teaser rate of 6.9% in the last quarter.
  • Company has discontinued the low-yield teaser rate schemes. Thus, the company should now see more customers being acquired at higher interest rates.


Company started to diversify its products suite across housing finance, microfinance, vehicle finance and a few other segment but these businesses do not command a good market share. It is facing a tough competition from the banks that also provide gold loans.

Company Standalone's liquidity position remains strong at Rs 7,727 Crore as of February 18, 2022.

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References:  Annual Reports, News Publications, Investor Presentations, Corporate Announcements, Management Discussions, Analyst Meets & Management Interviews, Industry’s Publications.

Disclaimer: The report only represents personal opinions and views of the author. No part of the report should be considered as recommendation for buying/selling any stock. Thus, the report & references mentioned are only for the information of the readers about the industry stated.

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