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Motilal Oswal Report
Muthoot Finance Ltd. Q4 FY24 performance was characterized by:
gold loan growth of ~18% YoY to ~Rs 729 billion;
Net interest margin expansion of ~75 basis point QoQ to 11.9%; and
the rise in gold tonnage by ~2% QoQ to 188 tons.
Q4 profit after tax grew 17% YoY and 3% QoQ to ~Rs 10.6 billion (in line), while FY24 profit after tax grew 17% YoY to Rs 40.5 billion.
Net total income grew 14% YoY to ~Rs 22 billion (8% beat), and pre-provision operating profit grew 17% YoY to ~Rs15.1 billion (9% beat).
Gold loan growth was supported by gold tonnage growth, along with an increase in the customer base by ~2% QoQ to ~5.7 million. Higher gold prices during the quarter resulted in LTV declining ~2pp QoQ to ~63%
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