The NBFC Muthoot Finance offers gold loans as part of its operations. Southern India is where the organisation mostly does business. The company also provides home loans and insurance services.
Financial Results:
Muthoot Finance Ltd.‘s revenue in Q3FY23 fell 4% to ₹ 30,305 millions. Consolidated Profit After Tax came at ₹ 9,339 millions showcasing a 11% fall on an YoY basis. In this quarter’s results, the reports suggested that the fall in profits are due to a fall in total income and a rise in total expenses.
The management suggested that it is difficult for people to enter the gold loan business and understand it as an operationally challenging business. The company hopes to return to double-digit growth after 3-4 quarters.