Muthoot Finance (MUTHOOTFIN) Q3 24/25 earnings summary

Executive summary

• Consolidated loan AUM reached ₹1,11,308 Cr, up 34% YoY for 9M FY25, with a 7% sequential increase in Q3; standalone AUM grew 37% YoY to ₹97,487 Cr, driven by gold loans.

• Consolidated PAT for 9M FY25 was ₹3,908 Cr, up 19% YoY; Q3 PAT increased 21% YoY to ₹1,392 Cr.

• Gold loan AUM rose 34% YoY to ₹92,964 Cr; gold held as security reached 202 tonnes.

• Housing finance subsidiary disbursed ₹880 Cr in nine months, up from ₹493 Cr last year; Muthoot Homefin AUM up 52% YoY to ₹2,720 Cr.

• Branch network expanded to 7,340, serving 200,000+ customers daily.

Financial highlights

• Consolidated interest income for 9M FY25 was ₹1,41,971 Mn, up 34% YoY; total income ₹1,46,716 Mn.

• Standalone net profit for Q3 FY25 was ₹13,631 Mn, up from ₹10,273 Mn in Q3 FY24; nine-month net profit was ₹36,929 Mn, up from ₹29,934 Mn YoY.

• Employee expenses were higher due to business growth and annual bonuses paid during the festive quarter.

• Non-gold NPAs in the standalone book increased to around ₹3,000 Mn, mainly from personal, business, and land/in-stock loans.

• Auctioned assets during the quarter were around ₹600 Mn; for nine months, ₹3,820 Mn.

Outlook and guidance

• Growth is expected to continue in Q4, with focus on gold loans, digital initiatives, and rural/semi-urban expansion.

• FY 2026 loan growth guidance remains at 15%, to be revisited after the next quarter.

• Board approved fund raising up to ₹210,635 Mn via private placement of Redeemable Non-Convertible Debentures.

• Subsidiaries expected to contribute more to consolidated AUM and profits.

• NPA numbers are expected to come down by March; cautious approach for microfinance.