Crisil upgrades Muthoot FinCorp rating to ‘A+ (Stable)’

By: |
March 23, 2021 3:40 AM

Thomas John Muthoot, chairman and managing director of Muthoot Pappachan Group, said, “The rating upgrade by Crisil is very significant in strengthening the confidence of our lenders and retail investors. The upgrade will also enable the company to widen its retail and corporate investor base.”

The four NBFC’s under the Muthoot Pappachan Group are: Muthoot FinCorp, Muthoot Capital, Muthoot Microfin and Muthoot Housing Finance.The four NBFC’s under the Muthoot Pappachan Group are: Muthoot FinCorp, Muthoot Capital, Muthoot Microfin and Muthoot Housing Finance.

Gold loan NBFC Muthoot FinCorp on Monday said Crisil has upgraded its rating from ‘A’ (Stable) to ‘A+ (Stable)’.

Thomas John Muthoot, chairman and managing director of Muthoot Pappachan Group, said, “The rating upgrade by Crisil is very significant in strengthening the confidence of our lenders and retail investors. The upgrade will also enable the company to widen its retail and corporate investor base.”

The four NBFC’s under the Muthoot Pappachan Group are: Muthoot FinCorp, Muthoot Capital, Muthoot Microfin and Muthoot Housing Finance.

The AUM of the company’s gold loan business grew 24% during the three quarters of the current fiscal. It is expected to grow 28% for the FY21, he said.

The gold loan portfolio of the NBFC accounts for about 67% of the group’s consolidated AUM as of December 31, 2020, which is Rs 27,000 crore, and accounts for 87% of its consolidated profits.

In the current financial year, Muthoot Fincorp has disbursed about Rs 38,000 crore to 7.5 million customers, of which 4.5 million customers are in the nano, micro and small enterprises sector.

During the financial year, the NBFC, through three public issues, raised NCDs to the tune of Rs 1,138.59 crore. In addition, the company issued NCDs via private placement to banks amounting to Rs 1,750 crore and raised market linked debentures of Rs 997 crore, he said.

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