India · Delayed Price · Currency is INR Muthoot Finance Earnings Call Transcripts
Fiscal Year 2026
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Record AUM and profit growth were driven by strong gold loan performance, higher yields, and branch expansion. Customer churn was concentrated in small-ticket loans, while higher ticket segments grew. Management maintains a 15% AUM growth guidance for FY27.
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AUM and profit after tax saw record growth, led by a 50% YoY surge in gold loans and strong subsidiary performance. Regulatory changes are set to ease branch expansion, supporting further growth. Cost of funds remains elevated, but demand for gold loans is robust.
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Loan AUM grew 42% year-on-year and profit after tax rose 74%, driven by strong Gold Loan demand and favorable regulatory changes. Cost of funds declined, yields improved due to NPA recoveries, and guidance for Gold Loan growth was raised to 35% for FY2026.
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Loan AUM and profit after tax saw robust year-on-year growth, driven by strong gold loan demand, higher yields from exceptional NPA recoveries, and digital initiatives. Regulatory changes and declining borrowing costs are expected to support continued growth.
Fiscal Year 2025
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Record AUM and profit growth driven by gold loans, with consolidated PAT up 20% and gold loan AUM up 41% year-on-year. Regulatory changes and compliance costs are key risks, but guidance remains at 15% growth. S&P and Moody's upgraded ratings.
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Consolidated AUM grew 34% year-over-year, with strong gold loan growth and a 21% rise in Q3 profit after tax. Non-gold NPAs increased but are expected to peak, while regulatory and funding conditions remain stable. Partnerships and branch expansion support continued growth.
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AUM surpassed INR 1 lakh crores with 28% year-on-year gold loan growth and 18% PAT growth. Gold loan growth guidance for FY25 was raised to over 25% amid strong demand, while NPAs rose but remain well-collateralized and fully provided for.
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AUM and profits reached record highs, driven by robust gold loan growth and improved subsidiary performance. Asset quality remains strong, with low LTVs and minimal actual loan losses, while cost of funds and operating expenses are being closely managed. Growth guidance is maintained at 15%, with continued expansion and positive outlook.