Muthoottu Mini Financiers Ltd has announced that ICRA Ratings has assigned a credit rating of ‘A Stable’ for the company’s long term borrowings.
The long term facilities were earlier rated as CARE A-; Stable and IND A- Stable respectively by CARE Ratings Limited and India Ratings and Research Private Limited. The upgrade in rating reflects MMFL’s consistent financial performance, robust asset quality, and scalable operations across India, a press release said.
During the first nine months of the financial year, from April-December 2024, the company reported a strong financial growth, with PBT rising by 20.50 per cent to ₹103.84 crore from ₹86.18 crore in the same period last year. PAT during the same period also saw a significant increase of 24.35 per cent, reaching ₹74.66 crore compared to ₹60.04 crore in the previous year. Besides, the company maintained a robust asset quality, with net NPA at a low level of 0.77 per cent during the period.
The company’s Assets under Management is expected to reach ₹4,200 crore by the end of FY25.
Mathew Muthoottu, Managing Director, Muthoottu Mini Financiers Ltd., stated, “Our performance in Q3 FY25, marked by robust revenue and profitability metrics, underscores our ability to deliver value even in dynamic market conditions.”
P.E Mathai, CEO, Muthoottu Mini Financiers Ltd, said “the credit rating upgrade by ICRA validates our financial stability and disciplined approach to growth. As we deepen our presence in Tier 2 and Tier 3 cities, maintaining asset quality and customer trust remains paramount.”
The company’s network spans 948 branches across 12 states, including Kerala, Tamil Nadu Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, Uttar Pradesh, Goa, and Puducherry.
