Rajesh Achutha Warrier

August 11, 2023
Ref: SEC/MFL/SE/2023/4835
National Stock Exchange of India Limited Department of Corporate Services

Exchange Plaza, BSE Limited,
Plot No. C/1, G Block, P. J. Tower, Dalal Street,
Bandra-Kurla Complex Mumbai - 400 001
Bandra (E),Mumbai - 400 051 Scrip Code: 533398
Symbol: MUTHOOTFIN
Dear Sir/Madam,
Re: Investor Presentation: Quarter ended June 30, 2023
We herewith enclose a copy of the investor presentation for the quarter ended June 30, 2023
Thank You,
For Muthoot Finance Limited
RAJESH Digitally signed by

RAJESH ACHUTHA
ACHUTHA WARRIER
Date: 2023.08.11
WARRIER 16:45:13 +05'30'
Rajesh A
Company Secretary
ICSI Membership No. FCS 7106
Financial Results Q1 FY 2024
June 2023
SAFE HARBOUR STATEMENT
This presentation may include statements, which may constitute forward-looking statements. All statements that address
expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business
development, market position, expenditures, and financial results, are forward looking statements. Forward-looking statements
are based on certain assumptions and expectations of future events. The company cannot guarantee that these assumptions
and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially
from those projected in any such forward-looking statements.
The company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of
any subsequent developments, information or events, or otherwise. While every effort is made to ensure that this presentation
conforms with all applicable legal requirements, the company does not warrant that it is complete, comprehensive or accurate,
or commit to its being updated. No part of the information provided herein is to be construed as a solicitation to make any
financial investment and is provided for information only.
Any person/ party intending to provide finance / invest in the shares/businesses of the Company shall do so after seeking their
own professional advice and after carrying out their own due diligence procedure to ensure that they are making an informed
decision. In no event shall the company be liable for any damages whatsoever, whether direct, incidental, indirect,
consequential or special damages of any kind or including, without limitation, those resulting from loss of profit, loss of
contracts, goodwill, data, information, income, expected savings or business relationships arising out of or in connection with
the use of this presentation.
1
THE GROUP
Diversified business of the Group
Shareholding of holding
Primary Business
company (%)
Muthoot Finance Limited Gold Loans Holding Company
Muthoot Homefin (India) Limited Affordable Housing Finance 100.00
Belstar Microfinance Limited Microfinance 56.97
Muthoot Money Limited Vehicle Finance 100.00
Asia Asset Finance PLC Listed Diversified NBFC in Sri Lanka 72.92
Muthoot Insurance Brokers Private Limited Insurance Broking 100.00
Muthoot Asset Management Private Limited - 100.00
Muthoot Trustee Private Limited - 100.00
2
Performance Highlights Q1 FY24
Increase in Consolidated Loan AUM:

21% YoY at ₹ 76,799 Crores
Highest ever Quarterly Gold Loan

Disbursement: ₹ 53,612 Crores
All time high Gold Loan Portfolio

Growth in any Q1: ₹ 4,164 Crores
Increase in Consolidated Profit

After Tax: 27% YoY at ₹ 1,045 Crores
Increase in Standalone Profit

After Tax: 22% YoY at ₹ 975 Crores
All time high Interest Collection

in any Q1: ₹ 2,863 Crores
3
CONSOLIDATED LOAN AUM
As on
June 30, ₹ 76,799 Crore
2023
As on INCREASE IN CONSOLIDATED
June 30, ₹ 63,444 Crore LOAN AUM :
2022
21% YoY at ₹ 76,799 Crore
4
GOLD LOAN DISBURSEMENT
InInInQ1
Q1
Q1
FY24
FY24 ₹ 53,612 Crore
FY24
HIGHEST EVER QUARTERLY

GOLD LOAN DISBURSEMENT
₹ 53,612 Crore
5
GOLD LOAN PORTFOLIO GROWTH
As onAs on March 31, 2023

June 30,
₹ 66,039 Crore
2023
As on
June 30,
2023
ALL TIME HIGH GOLD LOAN

As on As on
PORTFOLIO GROWTH IN ANY Q1
MarchMarch
31, 31, ₹ 61,875 Crore
2023 2023
₹ 4,164 Crore
6
CONSOLIDATED PROFIT AFTER TAX
Q1 FY24
₹ 1,045 Crore
INCREASE IN CONSOLIDATED
Q1 FY23 ₹ 825 Crore PROFIT AFTER TAX :
27% YoY at ₹ 1,045 Crores
7
STANDALONE PROFIT AFTER TAX
Q1 FY24 ₹ 975 Crore
INCREASE IN STANDALONE
Q1 FY23 ₹ 802 Crore
PROFIT AFTER TAX :
22% YoY at ₹ 975 Crores
8
INTEREST COLLECTION
In Q4 FY23
In Q4 F23
In Q1
FY24
₹ 2,863 Crore
ALL TIME HIGH INTEREST

COLLECTION IN ANY Q1
9
TOTAL NUMBER OF BRANCHES
As on June 30, 2023
5,897
10
Muthoot Finance awarded
“India’s Most Trusted Financial Services Brand 2023”
for 7th Year in a row by TRA’s Brand Trust Report
11
Muthoot Finance certified as a “Great Place to Work” by the
Great Place to Work Institute for 2 nd Year in a row in Dec’22
12
THE GROUP
Snapshot of performance
YoY
Q1 FY 2024 Q1 FY 2023 FY 2023
(%)
Group Branch Network (Nos) 5,897 5,667 5,838 4
Consolidated Loan Assets Under Management* of the Group (`

767,987 634,439 714,968 21
in million)
Consolidated Profit after tax of the Group (` in million) 10,447 8,250 36,698 27
Contribution in the Consolidated Loan Assets Under

Management* of the Group
Muthoot Finance (%) 88 89 88
Subsidiaries (%) 12 11 12
Contribution in the Consolidated Profit after tax of the Group
Muthoot Finance (%) 93 97 94
Subsidiaries (%) 7 3 6
*Principal amount of Loan assets

13
THE GROUP
Loan Assets Under Management* of the Group (` in millions)
Jun-23 Mar-23 Jun-22 YoY (%)
Muthoot Finance Limited 676,385 632,098 566,892 19
Muthoot Homefin (India) Limited 15,007 14,381 14,748 2
Belstar Microfinance Limited 70,082 61,925 46,964 49
Muthoot Money Limited 4,961 3,870 1,976 151
Asia Asset Finance PLC 5,352 5,294 3,859 39
Less: Intra-Group Loan Assets 3,800 2,600 - (100)
Total 767,987 714,968 634,439 21
14
THE GROUP
Standalone Profit of Group Companies (` in millions)
YoY
Q1 FY 2024 Q1 FY 2023 FY 2023
(%)
Muthoot Finance Limited 9,751 8,020 22 34,735
Muthoot Homefin (India) Limited 47 14 236 104
Muthoot Insurance Brokers Private Limited 102 71 44 464
Belstar Microfinance Limited 517 138 275 1,303
Muthoot Money Limited (0.57) 0.49 (216) 2
Asia Asset Finance PLC 15 11 33 70
Muthoot Asset Management Private Limited 15 8 88 46
Muthoot Trustee Private Limited 0.13 0.03 333 0.27
15
Consolidated Statement of Assets and Liabilities (` in millions)
Particulars Jun-23 Mar-23 Jun-22

ASSETS
Financial assets
Cash and cash equivalents 42,930 77,702 66,145
Bank Balance other than above 4,432 2,655 2,453
Derivative Financial Instruments - - 1,411
Trade Receivables 85 99 66
Loans 758,097 705,544 630,210
Investments 6,008 5,457 6,607
Other Financial Assets 3,616 3,453 2,907
Non-Financial Assets
Current Tax Assets(Net) 388 475 108
Defered Tax Assets(Net) 701 641 1,215
Investment Property 87 82 72
Property ,Plant and Equipment 3,323 3,272 2,831
Right to use Asset 147 142 133
Captial Work- In- Progress 758 674 837
Goodwill 300 300 300
Other Intangible Assets 61 59 57
Intangible assets under development - - 1
Other Non Financial Assets 999 934 768
Total- Assets 821,932 801,489 716,121
16
Consolidated Statement of Assets and Liabilities (` in millions)

LIABILITIES
Financial Liabilities
Derivative Financial Instruments 1,749 1,922 3,096
Trade Payables 1,165 1,341 1,661
Other Payables 795 817 6
Debt Securities 135,621 146,046 130,424
Borrowings(other than Debt securities) 433,233 405,975 364,973
Deposits 3,775 3,315 1,877
Subordinated Liabilities 3,540 2,546 2,999
Lease Liability 161 155 145
Other Financial Liabilities 11,496 12,576 11,765
Non-Financial Liabilities
Current Tax Liabilities(net) 2,343 812 2,315
Provisions 3,858 3,619 3,703
Deferred Tax Liabilities(net) 138 153 172
Other Non-Financial Liabilities 628 683 634
EQUITY
Equity attributable to equity owners of the
218,318 216,658 188,011
company
Non-Controlling Interest 5,112 4,871 4,340
Total Liabilities and Equity 821,932 801,489 716,121
17
Consolidated Financial Results (` in millions)
YoY
Particulars Q1 FY 2024 Q1 FY 2023 FY 2023
(%)
Income
Interest Income 33,784 27,301 24 115,555
Service Charges 348 274 27 1,371
Sale of Services 25 22 12 113
Other Income 370 160 132 773
Income other than above 560 286 95 1,937
Total Income 35,087 28,043 25 119,750
Expenses
Finance Cost 12,359 10,509 18 42,092
Impairment of Financial Instruments 1,586 (99) 1702 2,420
Net Loss on derecognition of financial instruments - 20 (100) -

Employee Benefit Expenses 4,273 3,447 24 14,883
Depreciation, Amortisation and Impairment 192 171 13 782
Other Expenses 2,609 2,876 (9) 10,346
Total Expenses 21,019 16,924 24 70,522
Profit before tax 14,068 11,119 27 49,228
Tax expense 3,621 2,870 26 12,530
Profit after Tax 10,447 8,250 27 36,698
Earnings per share –Basic (`) 25.46 20.41 25 89.99
Earnings per share –Diluted (`) 25.46 20.40 25 89.98
18
MUTHOOT FINANCE: DRIVING INCLUSIVE GROWTH
o India’s largest gold financing company (by loan portfolio)
o Trusted pan-India brand in the gold loans sector; revolutionised India’s gold banking
o Our intervention has empowered millions of people across the social pyramid
Multiple service offerings
CORE OTHER
SERVICE SERVICES
Gold Loans Money Transfer Services Collection Services
Business loans Personal Loans
Corporate Loans Small Business Loans

19
MFIN - A GLIMPSE
29 182 tonnes
States/Union territory presence Gold jewellery kept as security
4,700+ 100,000+
Pan-India branches Retail investor base across debenture and
subordinated debt portfolio
27,000+ 200,000+
Team members Customers served every day
` 676,385 mn
Loan Assets Under Management (As of June 30, 2023)
20
SHAREHOLDING PATTERN
Strong promoter interest in business with 73% stake
NSE Ticker
23
3.65 MUTHOOTFIN
(%) Shareholding as on
June 30, 2023
BSE Ticker
Promoter & Promoter group 533398
FII, FC, MF & Others
Market Capitalisation
Public (as on June 30,2023)
` 391,847 million
73.35
21
BOARD OF DIRECTORS – PROMOTER GROUP (1/2)
George Jacob Muthoot George Alexander Muthoot George Thomas Muthoot Alexander George
Chairman Managing Director Wholetime Director Wholetime Director
George M George George M Jacob George Alexander

Wholetime Director Wholetime Director Wholetime Director
22
BOARD OF DIRECTORS – INDEPENDENT DIRECTORS (2/2)
Jacob Benjamin Koshy Jose K Mathew Ravindra Pisharody V. A. George

Independent Director Independent Director Independent Director Independent Director
Usha Sunny Abraham Chacko C A Mohan

Independent Director Independent Director Independent Director
23
DIVIDEND PAYOUT
Delivering consistent returns to stakeholders (%)
FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Dividend (% )*
220 200 200 150 120 100 60 60
Dividend payout (` in millions) 8,832 8,027 8,024 7,249 5,796 4,813 2,885 2,877
Dividend Payout Ratio (%) 25 20 21 19 24 22 20 29
* On face value of ` 10 per equity share
24
GEOGRAPHICAL PRESENCE
A strong presence of 4742 branches across India

(%) Branches region wise State wise Branch Network
Jammu &
Kashmir
7 17
Himachal
Pradesh
59 Punjab 13 Chandigarh
191 Uttarakhand 10
East West Haryana 23
142 Delhi
17 North South Rajasthan
226
Uttar Pradesh
146 194 Assam
34
Bihar
25
(As of June 30, 2023) Tripura
4
17 Gujarat Madhya Pradesh
Jharkhand
17
West
Bengal
212 107 163
Daman & Diu
01 Chhattisgarh
Odisha
27
79
Maharashtra
277
Dad ra & Nagar Haveli
o Rural India accounts for about 65% of total 01 Telangana

314
gold stock in the country

Goa Andhra
Karnataka
36 Pradesh
536
o Large portion of the rural population has 426
limited credit access Pondicherry

Tamil Nadu 7
Kerala 980
o Catering to under-served rural and semi- 526
Andaman & Nicobar
urban markets through strong presence Islands
8
25
DIGITAL INITIATIVES
Digital convenience for new gen & Millennium Customer acquisition
Direct Credit Facility PoS Terminals

• Loan proceeds credited to bank • Enables swiping of Debit
account cards issued by banks
• NEFT/RTGS/IMPS/UPI mode of bank • Swiping charges for
transfer Interest payments
• Instant credit to customer bank waived off
account using UPI
• Less cash handling at branch
New Initiatives
Loan repayment option through • Launched AI based Chat bot with transactional
capabilities.
• Paytm • WhatsApp banking facility launched with online-top up
• Phone Pay facility.
• Google Pay • RPA enabled Penny Drop verification for Bank Account
• BBPS- Baharat Bill Payment System online linking.
• eCollection-Virtual A/C Remittance • Video KYC and Digital KYC are enabled for Customers
• UPI Powered by NPCI Digital on-boarding through CRM.
• UPI AutoPay and eMandate for • BBPS enabled Payment link generation through SMS or
EMI collections WhatsApp.
• New Payment Gateway Razorpay added in iMuthoot
Mobile App
• BBPS Utility Payment through iMuthoot Mobile App
• RPA enabled UPI VPA mapping using customers verified
Mobile No.’s
26
DIGITAL INITIATIVES
Online Gold Loan (OGL)

• 38.7 % of gold loan customers are transacted online. (including Paytm, PhonePe & Google Pay)
iMuthoot App
Muthoot Online
Mobile App
• Our online services has now been re-branded to • Launched in Nov’16 has about 54.2 lakhs downloads.
Muthoot Online, from WebPay earlier. • Online Gold Loan (OGL) facility available to withdraw loan
• Customers can now make payment of interest amount and renewal, apart from payments.
and principal re-payments using Debit Card/Net • Rs.13,752 Crs payments from 4.93 Cr successful transactions
Banking/UPI. so far (Including WebPay).
• Withdraw available loan amount and renew • Updated scheme details available with loan calculator.
eligible loans through our Online Gold Loan (OGL) • Google maps integrated for easy location of nearest branch
facility. and fix appointment.
• To facilitate this service, we have partnered with • UPI facility has been introduced in Feb’19.
leading Banks and online payment gateway • Paytm Payment gateway has been introduced in June’19.
service providers. • e-Sign facility has been introduced in Jan’18.
• e-Sign facility has been launched in • Along with gold loans, lead creation for PL, HL, AL
September’17. also introduced.
• Bank account online linking feature introduced. • Bank account online linking feature introduced.
• Insurance products- Hospicash renewal launched • Insurance products (Hospicash, MSOP, MHP) also launched )
• Introduced Whats App opt-in facility for customers • WhatsApp Gold Op-in Launched
• Muthoot personal loan and homefin loan • “ZIP Consumer loans” launched in iMuthoot. Customers can
repayment facility introduced. now purchase consumer durable products online from their
• Refer & Earn Milli Gram Gold rewards for eligible top-up amount and can be paid in installments.
customers • Refer & Earn Milli Gram Gold rewards for customers
• Buy NCD Online option • Buy NCD Online option
27
DIGITAL INITIATIVES
Loan at Home
Loan at Home App
Mobile App
• Launched in July’20 has about 10K + downloads.
• The loan at home is an app-based digital service, with
which a customer can apply for a gold loan through the
‘Loan@Home’ mobile app and web portal
• After which an appointment is made for the visit by
Muthoot Finance executives, to visit the customer’s
home. Now the customer can avail of a gold loan from
the comfort of their home without having to visit the
branch at any stage of the procedure.
• Loan top-up and repayment facilities are also available
in this application
• Facility to place loan release request online
• Option to update Bank account and PAN card online
• Loan closure and Door-step delivery through LAH
customer App.
28
Standalone Statement of Assets and Liabilities (` in millions)
ASSETS
Financial assets
Cash and cash equivalents 34,871 64,288 58,445
Bank Balance other than above 2,296 324 663
Derivative Financial Instruments - - 1,411

Trade Receivables 33 16 38
Loans 686,034 642,649 577,160
Investments 13,161 13,169 14,836
Other Financial Assets 1,559 1,336 1,339
Non-Financial Assets
Defered Tax Assets(Net) 394 402 526
Property ,Plant and Equipment 2,724 2,682 2,642
Captial Work- In- Progress 758 674 518
Other Intangible Assets 39 36 36
Other Non Financial Assets 610 623 462
Total- Assets 742,479 726,198 658,076
29
Standalone Statement of Assets and Liabilities (` in millions)
LIABILITIES
Financial Liabilities
Derivative Financial Instruments 1,734 1,892 3,096
Trade Payables 1,794 1,959 1,559

Debt Securities 127,288 137,384 124,248
Borrowings(other than Debt securities) 384,232 358,992 328,090
Subordinated Liabilities 737 967 1,424

Other Financial Liabilities 8,459 9,564 10,169
Non-Financial Liabilities
Current Tax Liabilities(net) 2,312 789 2,205
Provisions 3,730 3,516 3,607
Other Non-Financial Liabilities 422 515 428
EQUITY
Equity Share Capital 4,014 4,014 4,014
Other Equity 207,756 206,605 179,236
Total Liabilities 742,479 726,198 658,076
30
REVENUE & PROFIT
Standalone Financial Results (` in millions)
YoY
Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 Growth FY 2023
(%)
INCOME
Interest Income 29,577 27,940 24,816 19 103,686
Other than Interest Income 686 698 277 148 1,751
Total 30,263 28,638 25,093 21 105,437
EXPENSES
Finance Cost 10,638 9,407 9,416 13 36,991
Employee benefit Expense 3,226 3,086 2,715 19 11,044
Administrative & Other expenses 2,138 2,441 2,480 (14) 8,599
Impairment on Financial Instruments 860 753 (577) (249) 605
Directors Remuneration 123 616 112 10 950
Depreciation & Amortisation 133 171 129 3 583

Total 17,118 16,474 14,275 20 58,773
PROFIT
Profit Before Tax 13,145 12,164 10,818 22 46,664
Profit After Tax 9,751 9,027 8,020 22 34,735
31
EQUITY
Strong Capital Base
Networth (` in millions)
Jun-23 Mar-23 Jun-22
Equity Share Capital 4,014 4,014 4,014
Other Equity 207,756 206,605 179,236
Total 211,771 210,619 183,250
32
ASSETS
Core focus continues to be gold loan
Gross Loan Assets under management*

Jun-23 Mar-23 Jun-22 Growth Growth
(` in million) (` in million) (` in million) YoY (%) QoQ (%)
Gross loan assets under

676,385 632,098 566,892 19 7
management
Break-up of Gross Loan Assets under management
Gold Loans under management 660,388 618,753 561,766 18 7
Other loans 15,997 13,345 5,126 212 20
33
LIABILITIES
Stable sources of funding*

Jun-23 Mar-23 Jun-22 Growth Growth
(` in million) (` in million) (` in million) YoY (%) QoQ (%)
Secured Non-Convertible Debentures (Muthoot Gold

357 845 1,945 (82) (58)
Bonds)
Secured Non-Convertible Debentures- Listed 127,067 136,694 122,542 4 (7)
Borrowings from Banks/FIs 306,275 296,243 233,483 31 3
External Commercial Borrowings- Senior secured

26,664 45,194 78,973 (66) (41)
Notes
Subordinated Debt -Listed 741 971 1,431 (48) (24)
Commercial Paper 39,246 11,536 - - 240
Other Loans 12,161 6,150 15,893 (23) 98
Total 512,511 497,633 454,267 13 3
*Principal amount of Borrowings
34
GOLD LOAN PORTFOLIO
Gaining scale over the years
Gold Loan Assets Under Management* (` in billions)
720
680 660
640 619
600 575
562
560
520 519
480
440
408
400
360 336
320 288
280 260 272
216 233 243
240
200
160
120
80
40
0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 Jun-22 Mar-23 Jun-23
*Principal amount of gold Loan assets
35
GOLD HOLDING
Carrying the trust of millions of our customers
Gold jewellery kept as security (In tonnes)
200 187
180 182
180 176 171 178
169
160 155
142 149
134 131
140
118
120
100
80
60
40
20
0
36
GEOGRAPHICAL SPREAD OF GOLD LOAN PORTFOLIO
Diversified gold loan portfolio across India (%)
100
80
60
40
20
0
East 5 6 6 7 7 8 8 9 9 9 9 10 10
West 11 13 15 17 18 19 20 19 19 19 19 19 19
North 19 22 22 22 23 23 23 23 22 22 22 23 23
South 65 59 57 54 52 50 49 49 50 50 50 48 48
Gold Loan Assets Under Management * (` in billions)
260 216 233 243 272 288 336 408 519 575 562 619 660
*Principal amount of Gold Loan Assets 37

PRODUCTIVITY
Widening presence with increasing gold loan business per branch

Average Gold Loan Per Branch * (` in millions)
155
139.26
135 130.57
124.61 121.67
115 112.10
95 89.28
74.97
75 66.70
63.69 63.20
55.01 56.93
50.63
55
35
15
*Principal amount of Gold Loan Assets
38
HIGHLY LIQUID PORTFOLIO (1/2)
Disbursements and Collections (` in billions)
179
173
167 165
156
148
132
127
112
106
104 103
102 100
98 101
91 90 88 87
87 85
82
77 77
65 68 69 69 70 70
61 60
55 54 58
52 52
48 45
43 41 43 42
FY15 FY16 FY17 FY18 FY19 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

FY20 FY20 FY20 FY20 FY21 FY21 FY21 FY21 FY22 FY22 FY22 FY22 FY23 FY23 FY23 FY23 FY24
Avg Monthly Disbursement Avg Monthly Collection
 Strong level of disbursements and collections
39
HIGHLY LIQUID PORTFOLIO (2/2)
Efficient Collection
100%
62% 66% 60% 61% 60% 66% 62% 62%
% of collections to disbursement
80%
60%
40%
20%
0%
FY15 FY16 FY17 FY18 FY 19 FY 20 FY 21 FY 22
1m 2m 3m 4m 5m 6m
Collections in 6 months of disbursements made in respective periods
 A high proportion of gold loan is repaid within first 6 months
40
SAFETY OF OUR GOLD LOAN PORTFOLIO
Lender’s Perspective & Borrower’s Perspective

Jun-23 Mar-23 Jun-22 Mar-22 Mar-21 Mar-20 Mar-19 Mar-18 Mar-17 Mar-16
Gold Loan assets (` in Billions) 660 619 562 575 519 407 336 288 272 243
Quantity of Gold content in

182 180 178 187 171 176 169 155 149 142
Ornaments held as Security (Tonnes)
Gold Price/gm (`) 5,318 5,473 4,659 4,716 4,048 3,955 2,910 2,824 2,725 2,670
Lender’s Perspective
Market Price of Gold Content in
967 985 829 882 692 696 492 438 406 379
Ornaments (` in Billions)
Margin of safety on loans 32% 37% 32% 35% 25% 42% 32% 34% 33% 36%
Borrower’s Perspective
Market Value of Gold Ornaments (`
in Billions) with 20% additional value
1,160 1,182 995 1,058 830 835 590 526 487 455
towards making charges etc
Equity of Borrower in the Gold

43% 48% 44% 46% 37% 51% 43% 45% 44% 47%
Ornaments net of loans availed
* Above calculations are made on overall portfolio and excludes interest accrued on loans
41
CUSTOMER BASE
Highly churning customer base (1/2)
Jun-23 Mar-23 Jun-22 Mar-22 Mar-21 Mar-20 Mar-19
Gold Loan AUM (` in Millions) 660,388 618,753 561,766 575,313 519,266 407,724 335,853
QoQ % change in Gold Loan AUM 7 9 (2) 6 5 8 -
No. of Loan Accounts 83,35,866 81,46,997 80,90,132 83,69,535 84,10,139 80,22,325 80,62,139
QoQ % change in no.of loan
2 1 (3) (2) 5 - -
accounts
No.of Active customers 54,12,660 53,23,362 51,73,166 53,16,246 51,90,220 49,33,886 47,21,243
QoQ % change in no.of customers 2 2 (3) - 3 1 -
42
CUSTOMER BASE
Highly churning customer base (2/2)

Jun-23 Mar-23 Jun-22 Mar-22 Mar-21 Mar-20 Mar-19
Above Gold Loan AUM and No. of customers

includes:
Fresh loans to inactive customers during the quarter
in Gold Loan AUM
No. of customers 412,206 401,638 393,018 427,472 432,320 352,036 380,171
% of customers 8 8 8 8 8 7 8
O/s Loan Amount (` in Millions) 35,383 35,814 27,646 40,233 29,170 21,806 20,023
Fresh loans to New Customers during the quarter in

Gold Loan AUM
No. of customers 355,760 333,907 314,152 372,764 361,090 346,626 360,251
% of customers 7 6 6 7 7 7 8
Fresh loans with new collateral to existing active

customers during the quarter in Gold Loan AUM
No. of customers 744,800 660,475 736,855 763,317 756,618 702,566 779,363
% of customers 14 12 14 14 15 14 17
43
YIELD ON LOAN ASSETS AND NIM
Yearly (%) Quarterly (%)
26.00 26.00
24.00 23.03 24.00

21.66 22.21 22.17
22.00
22.00
21.43
21.23 20.06
20.00
20.27 19.72 20.00
17.70 18.48
18.00 19.31 18.08
18.00 17.30
16.00
15.53
15.29 14.24 16.00
14.00
12.74 13.03 14.00
14.20
11.38 12.26
12.00 11.58
10.84 12.00
9.79 10.47 11.38 10.74
10.00
10.27 8.69 10.00
9.42 9.52 9.25 7.93
8.00 7.03 7.51
6.92 7.02 8.00
6.31 6.50 6.56
6.00 6.22
Mar-13Mar-14Mar-15Mar-16Mar-17Mar-18*Mar-19*Mar-20*Mar-21*Mar-22*Mar-23* 6.00
Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND -AS
Interest Income on Average Loan Assets
Interest Expense on Average Loan Assets

Net Interest Margin
44
INTEREST SPREAD
26.00
26.00
24.00 23.03
22.21 22.17 24.00
21.66
22.00 21.43 21.23
20.27 22.00
19.31 19.72 20.06
20.00
20.00
17.70 18.48
18.00 18.08 17.30
18.00
16.00
16.00
13.45 14.04 13.49
14.00
12.42 14.00
11.88 11.99
12.00 10.93 10.80 10.90 12.23 12.00
9.24 10.53 8.99 9.69 10.44
10.00 9.00
8.76 8.68 10.00 9.67
8.39 8.38 8.07 8.41 9.37
8.92 8.01 8.04
8.00 7.93
8.00
6.00
6.00
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18*Mar-19*Mar-20*Mar-21*Mar-22*Mar-23*
Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND-AS
Interest Income on Average Loan Assets
Interest Expenses on Average Borrowings

Interest Spread
45
RETURN ON AVERAGE LOAN ASSETS
Attractive returns over the years

10.00
10.00
9.00
8.11 7.99 9.00
8.00
7.24 8.00
7.00
6.36 7.00
6.19 5.93
6.00 5.97
6.00 5.96
5.59
5.00
5.00
4.05 4.47
4.00
3.22 4.00
3.32
3.03
3.00 3.00
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18*Mar-19*Mar-20*Mar-21*Mar-22*Mar-23* Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND-AS
46
IMPAIRMENT OF LOAN ASSETS
Stage III Loans Assets and ECL Provision (` in millions)
Stage I Loan Assets 633,637 599,834 550,202
Stage II Loan Assets 13,958 8,278 4,612
Stage III Loan Assets 28,789 23,986 12,078
% Stage III Assets on Gross Loan Assets 4.26 3.79 2.13
ECL Provision on Gross Loan Assets 8,468 7,658 6,594
ECL Provision as % of Gross Loan Assets 1.25 1.21 1.16
Excess Provision outstanding in books 2,954 2,954 2,954
Bad Debts (` in millions)
Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 FY 2023
Bad Debts Written Off 47 36 53 169
% of Bad Debts written off to Gross Loan Assets 0.01 0.01 0.01 0.03
47
LIABILITY MIX
Maintaining a diversified funding profile*
(%)
2 Secured Non-Convertible Debentures (Muthoot Gold Bonds) – ` 357 mn (0%)

8
5 Secured Non-Convertible Debentures – Listed – `127,067 mn (25%)
25
Borrowings from Banks/FIs - ` 306,275 mn (60%)
External Commercial Borrowings- Senior secured Notes – ` 26,664 mn (5%)
Subordinated Debt – Listed - ` 741 mn (0%)

60
Commercial Paper – ` 39,246 mn (8%)
Other Loans – ` 12,161 mn (2%)
*Principal amount of Borrowings
(As of June 30, 2023)
48
DOMESTIC CREDIT RATINGS
Highest Rating among gold loan companies

Short-term Rating
Rating Indicates
COMMERCIAL PAPER
Very strong degree of safety with regard to timely payment of financial
CRISIL RATINGS CRISIL A1+
obligation and carry lowest credit risk
ICRA LIMITED ICRA A1+
BANK LOANS
ICRA LIMITED ICRA A1+
Long-term Rating
Rating Indicates
SUBORDINATED DEBT
High Degree of safety with regard to timely servicing of financial
CRISIL RATINGS CRISIL AA+/Stable
obligations and carry very low credit risk
ICRA LIMITED ICRA AA+(Stable)
NON CONVERTIBLE DEBENTURE
CRISIL RATINGS CRISIL AA+/Stable
BANK LOANS
obligations and carry very low credit risk 49
INTERNATIONAL CREDIT RATINGS
Long-term Rating
Rating Agencies Rating Indicates
An elevated vulnerability to default risk, particularly in the event of

adverse change in business or economic condition over time,
FITCH RATINGS BB(Stable)
however, business or financial flexibility exists that supports the
servicing of financial commitments.
Less vulnerable in the near-term but faces major ongoing

S&P GLOBAL RATINGS BB(Stable) uncertainities to adverse business, financial and economic
conditions.
Obiligations are judged to be speculative and are subject to

MOODY’S INVESTORS SERVICE Ba2 (Stable)
substantial credit risk. The modifier 2 indicates a midrange ranking
50
BREAK-UP OF TOTAL INCOME
Interest Income (` in millions)
Yearly Quarterly
1,40,000 1,40,000
1,20,000 1,09,560
1,03,285 1,03,686 1,20,000
1,00,000 1,00,000
85,644
80,000 67,570 80,000
56,546 62,021
60,000 53,641 49,077 60,000
42,703 48,130
40,000 40,000 29,577 27,940 24,816
20,000 20,000
0 0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18* Mar-19* Mar-20* Mar-21* Mar-22* Mar-23* Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
Other Than Interest Income (` in millions)
Yearly Quarterly
3000 3,000
2,458
2500 2,500
2000 1,751 2,000
1,584
1500 1,310 1,424
1,236 1,500
921
1000 1,000
543 620
686 698
500 397
230 500 277
0 0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18* Mar-19* Mar-20* Mar-21* Mar-22* Mar-23*
Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND-AS
51
OPERATING EXPENSES TO AVERAGE LOAN ASSETS
Operational efficiency over the years

8.00 8.00
7.50 7.50
7.00 7.00
6.50 6.50
6.00 5.63 6.00
5.50 5.43
5.01 5.10 5.50
4.89 4.94
5.00
4.46 5.00
4.50 4.57
4.08 3.92 4.50
4.00 3.62
3.48 4.00 3.88
3.50
3.50 3.30
3.00
2.50 3.00
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18*Mar-19*Mar-20*Mar-21*Mar-22*Mar-23* 2.50
Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND AS
52
BREAK-UP OF OPERATING EXPENSES
Yearly (` in million) Quarterly (` in millions)
Q1 FY Q4 FY Q1 FY
Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* Mar-18* Mar-17 Mar-16
2023* 2023* 2023*
Employee Benefit Expenses 11,044 9,487 9,270 9,657 8,415 7,393 7,280 6,418 3,226 3,086 2,715
Rent 2,487 2,350 2,189 2,158 1,974 1,913 1,808 1,713 659 643 616
Advertisement & Publicity 1,581 1,197 1,190 1,163 1,056 720 531 626 311 446 467
Communication Costs 422 498 387 355 368 404 372 378 93 126 110
Traveling and Conveyance 365 271 210 273 240 182 186 187 96 98 83
Printing and Stationery 192 150 151 177 153 136 129 144 42 66 35
Repairs and Maintenance 505 568 276 283 280 304 362 290 140 152 127
Legal and Professional
402 283 387 260 203 154 124 93 140 155 65
Charges
Business Promotion Expenses 206 7 369 720 481 209 201 149 68 68 38
Directors Remuneration 950 815 793 633 561 431 362 196 123 616 112
Depreciation and Amortisation

583 539 507 431 421 439 482 575 133 171 129
Expenses
Others 2,440 2,098 2,075 1,677 1,260 2,970 835 1,014 589 685 938
Provision For Standard & NPA
- - - - - - 2,647 1,223 - - -
Assets
Impairment on Financial
605 1,270 950 957 259 316 - - 860 753 (577)
instruments
Total 21,782 19,533 18,754 18,744 15,670 15,571 15,319 13,006 6,480 7,066 4,858
*Under IND-AS 53
BREAK-UP OF OPERATING EXPENSES

Q1 FY Q4 FY Q1 FY
Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* Mar-18* Mar-17 Mar-16
2024* 2023* 2023*
Employee Benefit Expenses 51 49 49 52 54 47 48 49 50 44 56
Rent 11 12 12 12 13 12 12 13 10 9 13
Advertisement & Publicity 7 6 6 6 7 5 3 5 5 6 10
Communication Costs 2 2 2 2 2 3 2 3 1 2 2
Traveling and Conveyance 2 1 1 1 2 1 1 1 1 1 2
Printing and Stationery 1 1 1 1 1 1 1 1 1 1 1

Repairs and Maintenance 2 3 1 2 2 2 2 2 2 2 3
Legal and Professional
2 1 2 1 1 1 1 1 2 2 1
Charges
Business Promotion Expenses 1 - 2 4 3 1 1 1 1 1 1
Directors Remuneration 4 4 4 3 4 3 2 2 2 9 2
Depreciation and Amortisation
3 3 3 2 3 3 3 4 2 2 3
Expenses
Others 11 11 12 9 8 19 5 8 9 10 18
Provision For Standard & NPA
- - - - - - 17 9 - - -
Assets
Impairment on Financial
3 7 5 5 2 2 - - 14 11 (12)
instruments
Total 100 100 100 100 100 100 100 100 100 100 100
*Under IND-AS
54
PROFITABILITY RATIOS

Q1 FY Q4 FY Q1 FY
(Based on Income) Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* Mar-18* Mar-17 Mar-16
2024* 2023* 2023*
Interest expense to Gross

35.08 34.56 34.92 32.00 32.51 30.50 39.92 46.31 35.15 32.85 37.52
Income
Selling, general and

administrative expenses to 30.09 24.40 25.13 29.26 32.24 28.93 34.88 41.36 27.96 31.94 33.85
Net Income
Provisions & Write Offs to

0.88 1.75 1.38 1.61 0.59 5.44 8.16 6.20 4.38 3.92 (3.68)
Net Income
Operational expenses to Net

30.97 26.15 26.51 30.87 32.84 34.38 43.03 47.56 32.34 35.86 30.17
Income
OPBDT / Net Income 69.03 73.85 73.49 69.13 67.16 65.62 56.97 52.44 67.66 64.14 69.83
Depreciation to Net Income 0.85 0.74 0.74 0.73 0.90 1.00 1.33 2.13 0.68 0.89 0.82
OPBT / Net Income 68.18 73.11 72.75 68.40 66.26 64.63 55.63 50.31 66.98 63.25 69.01
PBT / Net Income 68.18 73.11 72.75 68.40 66.26 64.63 55.63 50.31 66.98 63.25 69.01
PAT / Net Income 50.75 54.45 54.09 50.88 42.47 40.38 34.17 30.93 49.69 46.94 51.16
*Under IND-AS 55
PROFITABILITY RATIOS
(Based on Average Loan Mar-23* Mar-22* Mar-21* Mar-20* Mar-19* Mar-18* Mar-17 Mar-16
Q1 FY Q4 FY Q1 FY
Assets) 2024* 2023* 2023*
Interest income to avg. loan
17.70 20.06 22.17 23.03 21.63 22.21 21.43 19.72 18.08 18.48 17.30
assets
Interest expense to avg. loan
6.31 7.02 7.93 7.51 7.16 6.92 8.69 9.25 6.50 6.22 6.56
assets
Net Interest Margin 11.38 13.03 14.24 15.53 14.47 15.29 12.74 10.47 11.58 12.26 10.74
Other income to avg. loan assets 0.30 0.26 0.53 0.43 0.40 0.47 0.35 0.25 0.42 0.46 0.19
Net Income Including Other
11.68 13.30 14.77 15.95 14.87 15.76 13.08 10.72 12.00 12.72 10.93
Income
Selling, general and administrative
3.52 3.25 3.72 4.68 4.80 5.32 4.56 4.43 3.35 4.07 3.70
expenses to avg. loan assets
Provisions and write offs to avg.
0.10 0.23 0.20 0.26 0.09 0.11 1.07 0.67 0.53 0.50 (0.40)
loan assets
PBDT to avg. loan assets 8.06 9.81 10.85 11.02 9.98 10.33 7.45 5.62 8.12 8.16 7.63
Depreciation to avg. loan assets 0.10 0.09 0.10 0.11 0.12 0.15 0.17 0.23 0.08 0.11 0.09
PBT to avg. loan assets 7.97 9.72 10.75 10.91 9.85 10.19 7.28 5.39 8.04 8.05 7.54
Tax to avg. loan assets 2.04 2.48 2.76 2.79 3.54 3.82 2.81 2.08 2.08 2.08 1.95
PAT to avg. loan assets 5.93 7.24 7.99 8.12 6.31 6.36 4.47 3.32 5.96 5.97 5.59
Cash Profit to avg. loan assets 6.03 7.33 8.09 8.23 6.44 6.51 4.65 3.54 6.04 6.08 5.68
*Under IND-AS 56
PROFITABILITY
Efforts getting rewarded

Profitability at a glance (` in millions)
Yearly PBT PAT Quarterly PBT PAT
55,000 45,000
53,094
50,000
50,065 46,664 40,000
45,000
39,543 35,000
40,000 40,574
35,000 37,222 30,000

30,768 34,735
30,000 25,000
28,447 30,183
25,000
20,000
20,000 19,210
15,114 13,168 19,721 15,000
17,776 13,145 12,164
15,000 11,936
10,279 10,818
10,042 10,000 9,751
11,798 9,027 8,020
10,000
7,801
8,096 5,000
5,000 6,705
0 0
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18* Mar-19* Mar-20* Mar-21* Mar-22* Mar-23* Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND-AS
57
NETWORTH
Steady capital position

Share Capital and Reserves & Surplus (` in millions)
2,40,000
2,20,000 2,11,771
2,10,619
2,00,000
1,83,250
1,80,000 1,83,445
1,60,000
1,52,389
1,40,000
1,15,718
1,20,000
97,928
1,00,000
78,120
80,000 65,164
56,192
60,000
37,356 42,646 50,835
40,000
20,000
0
Mar 13 Mar-14 Mar- 15 Mar-16 Mar-17 Mar-18* Mar-19* Mar-20* Mar-21* Mar-22* Jun-22* Mar-23* Jun-23*
*Under IND-AS
58
RETURN ON EQUITY
Stable shareholder value creation

Return on Average Equity
55 55
50 50
45 45
40 40
35
35
30.15 28.26 27.77 30
30
24.81 25
22.40 23.55
25 18.47
19.50 19.44 20 17.53 17.50
20 17.63
15
14.35 15.13
15 10
10 5
Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18*Mar 19*Mar 20*Mar 21*Mar 22*Mar 23* 0
Q1 FY 2024* Q4 FY 2023* Q1 FY 2023*
*Under IND-AS
59
CAPITAL RATIO
Maintaining capital well above the statutory requirement

Capital Adequacy Ratio (%)
Capital Adequacy Ratio 30.03 31.77 30.62
Tier-I 29.27 31.01 29.73
Tier-II 0.76 0.76 0.89
60
MARKET VALUE RATIO
Equity market valuation ratios indicate potential for upside

Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 FY 2023
Earnings per share (`)
- Basic 24.29 22.49 19.98 86.54
- Diluted 24.29 22.48 19.97 86.52
Book Value per share (`) 527.42 524.56 456.48
Market price per share (`)** 1,239.65 979.95 976.30
Price to Earnings ratio*** 13.65 11.32 10.35
Price to Book Value ratio 2.35 1.87 2.14
**Source: www.nseindia.com
***Based on trailing 12 months EPS
61
CAPITALISATION RATIOS
Headroom for further leveraging

(` In millions)
Outside Liabilities 530,708 515,579 474,826
Cash and Cash Equivalents & Bank Balances 35,136 64,428 58,616
Tangible Networth 211,732 210,584 183,214
Capital Gearing 2.34 2.14 2.27
62
TEAM STRENGTH
Groomed human capital over the years to meet growing business requirements
(No. of Employees)
28000
27701
27000 26716 27273
26000 25911 26618

25554
25012
24881
25000
24205 24224
24000 23455
22882
23000
22781
22000
21000
20000
63
OUR SUBSIDIARY
64
ASIA ASSET FINANCE PLC – AN OVERVIEW
Asia Asset Finance PLC, (AAF) Colombo, Sri Lanka became a foreign subsidiary of Muthoot Finance on
December 31, 2014. As on June 30,2023, total holding in AAF stood at 91 million equity shares representing
72.92% of their total capital. The loan portfolio stands at LKR 20,102 million as on June 30, 2023
AAF is a Registered Financial Company based in Sri Lanka a fully licensed, deposit-taking institution
registered with the Central Bank of Sri Lanka and listed in the Colombo Stock Exchange
AAF is in lending business since 1970. At present the company is involved in Retail Finance, Hire Purchase
& Business Loans and has 77 branches across Sri Lanka.
The company formerly known as Finance and Land Sales has been in operation for over 53 years, evolving
to serve the growing needs of people of Sri Lanka.
65
PRODUCTS
o Fixed Deposits o Mortgage Loans
o Leasing o Factoring
o Business Loan o Short Term Loans
o Personal Loan o Micro Finance
o Group Personal Loan o Loan against Gold Jewellery
o Corporate Loans
66
BRANCH NETWORK
AAF has operations in various parts of Sri Lanka providing the best services and
easy access to clients
67
Key Financial Parameters (LKR in millions)
Particulars Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 FY 2023
LKR/INR 0.26625 0.2497 0.218977 0.249700
Number of branches 77 75 63 75
Number of Employees 595 590 400 590
Gross Loan AUM (LKR) 20,102 21,201 17,623 21,201
Capital Adequacy Ratio (%) 23 26 30 26
Total Revenue (LKR) 1,723 1,771 1,157 6,006
Total Expense (LKR) 1,642 1,731 1,077 5,647
Profit Before Tax (LKR) 81 40 80 360

Profit After Tax (LKR) 55 66 50 295
Shareholders Funds (LKR) 3,066 3,011 2,777 3,011
Total Outside Liabilities (LKR) 22,782 22,002 17,573 22,002
Total Assets (LKR) 25,848 25,013 20,350 25,013
68
OUR SUBSIDIARY
69
MUTHOOT HOMEFIN – AN OVERVIEW
Muthoot Homefin (India) Limited is a Housing Finance Company registered with The National Housing Bank
(NHB). It became a wholly owned subsidiary of Muthoot Finance Ltd in Aug’17.
MHIL focuses on extending affordable housing finance and targets customers in Economically Weaker
Sections (EWS) and Lower Income Groups (LIG) in Tier II & Tier III locations.
It operates on a ‘Hub and Spoke’ model, with the centralised processing at Corporate Office at Mumbai. MHIL
has operations in Kerala, Maharashtra, Gujarat, Rajasthan, Madhya Pradesh, Chandigarh, Andhra Pradesh,
Telangana, Karnataka, Uttar Pradesh, Haryana, Punjab, Delhi, Tamil Nadu, Chattisgarh and Pondicherry.
As on June 30, 2023, it has a loan AUM of Rs.15,007 million.
ICRA and CARE assigned Short Term Debt Rating of ICRA A1+ and CARE A1+ respectively for its
Commercial Paper.
CRISIL assigned Long Term Debt Rating of CRISIL AA+/Stable for its bank limits and Non Convertible
debentures and CARE assigned Long Term Debt Rating of CARE AA+/Stable for its Non Convertible
70
debentures.
Business Performance (` in millions)
Number of Sales Offices 111 108 108 108
Number of Employees 418 346 222 346
Gross Loan AUM (`) 15,007 14,381 14,748 14,381
Gross Loan Assets (`) 11,641 10,871 10,783 10,871

Total Revenue (`) 435 392 383 1,548

Total Expense (`) 371 356 363 1,407
Profit Before Tax (`) 64 36 20 141
Profit After Tax (`) 47 26 14 104
Shareholders Funds (`) 4,622 4,575 4,485 4,575

Total Outside Liabilities (`) 9,312 7,536 8,503 7,536
Total Assets (`) 13,934 12,111 12,988 12,111
71
Business Performance (` in millions)
Disbursement (`) 1,094 848 661 2,235
Borrowings (`) 8,191 6,602 7,820 6,602

Debt Equity Ratio (%) 1.77 1.44 1.74 1.44
Yield on Advances (%) 13.34 12.79 12.58 12.70
Interest Spread (%) 4.63 4.69 4.42 4.32

NIM (%) 7.65 7.42 6.56 7.04
Cost to Income Ratio (%) 49.13 54.90 51.15 52.85
Return on Assets (ROA) (%) 1.71 0.99 0.55 1.00
Return on Equity (ROE) (%) 4.12 2.30 1.29 2.30
Stage III Loan Assets 462 436 380 436
% Stage III assets on Gross Loan Assets 3.97 4.01 3.52 4.01
Stage III ECL Provision 325 289 235 289
ECL Provision 395 358 308 358

ECL Provision as a % of Gross Loan
3.39 3.29 2.86 3.29
Assets
Number of Customers 21,608 21,223 20,798 21,223
72
• Disbursements of INR 1094 mm in Q1 FY 2024: AUM INR 15007 mm as on June 30, 2023: Loan Book INR 11641 mm as
on June 30, 2023:
• Average Ticket Size in Q1 FY 2024: INR 0.93 mm
Financial • Business Presence: Maharashtra, Gujarat, Rajasthan, Madhya Pradesh , Kerala, Andhra Pradesh, Telangana, Karnataka,
Highlights Uttar Pradesh, Haryana ,Chandigarh , Delhi, Punjab ,Tamil Nadu, Chattisgarh and Pondicherry Presence in 111 locations
• ROA 1.71% for Q1 FY 2024: ; ROE 4.12% for Q1 FY 2024:
• Average cost of borrowings 8.71% for Q1 FY 2024. Capital Adequacy Ratio: 52.34%, Debt Equity Ratio: 1.77
• Average Yield 13.34%, Interest Spread: 4.63%
• Received PMAY subsidy of INR 5.80 mm in Q1 FY 2024.
• Increasing the leverage from 1.77 times currently will help to improve the ROE
Growth • Higher credit rating will help in raising funds at competitive rates.
Growth • Strong liquidity in Group’s balance sheet, along with its free cash flows to fund the capital requirements
Drivers
Drivers • Established corporate brand name among borrower segment, superior customer servicing capabilities and effective loan
recovery mechanisms
• Tier II / III cities focused distribution network with a in-house sales team along with cross-sale to the existing gold loans
customers of the group
• Long Term Rating from CRISIL AA+/Stable which indicates low risk will help in lower cost of funds. Short Term Rating :
Profitability ICRA A1+ / CARE A1+
• Debt/Equity ratio at 1.77 times as on June 30, 2023, indicates ample scope for financial leverage to increase ROE
• Infrastructure sharing with the parent (Muthoot Finance) helps reduce overall Opex
• Huge shortfall for housing units in EWS / LIG segment in India

Opportunities • Attraction of builders to the construction of affordable housing due to Infrastructure status given in Union Budget
• Increase in affordability driven by sustained GDP growth rate and stable property prices.
• Decrease in average members per household and emergence of nuclear families
• Increase in workforce to be driven by expected bulge in working age population
• Increasing urbanization led by rural-urban migration and reclassification of rural towns
73
OUR SUBSIDIARY
74
MUTHOOT INSURANCE – AN OVERVIEW
MIBPL became a wholly owned subsidiary of Muthoot Finance Ltd in Sep 2016. MIBPL is an unlisted private
limited company holding a licence to act as Direct Broker from IRDA since 2013.
It is actively distributing both life and non-life insurance products of various insurance companies.
During Q1 FY24,it has insured more than 904,700 lives with a First year premium collection of Rs.1,144 million
under Traditional ,Term and Health products..
During Q1 FY23,it has insured more than 11,74,000 lives with a First year premium collection of Rs.1,006 million
under Traditional ,Term and Health products..
75
Key Business Parameters (` in millions)
Premium Collection (` ) 1,477 2,033 1,311 6,505
Number of Policies 916,295 13,28,419 11,85,441 46,86,920
Key Financial Parameters (` in millions)
Total Revenue (`) 159 206 108 678
Total Expense (`) 21 17 14 71
Profit Before Tax (`) 138 189 94 607
Profit After Tax (`) 102 153 71 464
Earnings per share (`) 136 618 94 618
76
OUR SUBSIDIARY
77
BELSTAR MICROFINANCE LIMITED – AN OVERVIEW
As of June 2023 , Muthoot Finance holds 56.97% in BML. BML was incorporated on January 1988 at Bangalore and the Company was
registered with the RBI in March 2001 as a Non- Banking Finance Company. The Company was reclassified as “NBFC-MFI” by RBI
effective from 11th December 2013.
BML was acquired by the ‘Hand in Hand’ group in September 2008 to provide scalable microfinance services to entrepreneurs nurtured by
‘Hand in Hand’s’ Self Help Group (SHG) program. The Company commenced its first lending operations at Haveri District of Karnataka in
March 2009 to 3 SHGs, 22 members for INR 0.20 mn.
In the last fourteen years of its operations, BML primarily relied on taking over the existing groups formed by Hand in Hand India . BML
predominantly follows the SHG model of lending. Effective January 2015, BML started working in JLG model of lending in Pune district,
Maharashtra.
As of June 30, 2023, BML operations are spread over 16 states and 2 UT (Tamil Nadu, Karnataka, Madhya Pradesh, Maharashtra, Kerala,
Odisha ,Pondicherry ,Chattisgarh, Gujarat, Rajasthan, Bihar, Uttar Pradesh,Uttarakhand ,West Bengal,Haryana,Punjab,Tripura and Delhi.
It has 782 branches, with 134 controlling regional offices and employs 8421 staffs. Its gross loan AUM has grown from INR 0.20 mn in
March 2009 to INR 70,082 mn in June 2023
78
Number of Branches 782 768 755 768

Number of Employees 8,421 8,022 6,596 8,022
Gross Loan AUM (`) 70,082 61,925 46,964 61,925
Gross Loan Assets (`) 55,914 47,134 39,547 47,134
Total Revenue (`) 3,603 3,315 2,097 10,379
Total Expense (`) 2,925 2,238 1,925 8,686
Profit Before Tax (`) 678 1,077 172 1,693
Profit After Tax (`) 517 815 138 1,303
Stage III Loan Assets 906 1,146 3,389 1,146
% Stage III assets on Gross Loan Assets 1.62 2.43 8.57 2.43
Stage III ECL Provision 789 840 2,288 840
ECL Provision 1,104 957 2,551 957
ECL Provision as a % of Gross Loan
1.97 2.03 6.45 2.03
Assets
Total Assets (`) 63,834 62,269 46,378 62,269
79
OUR SUBSIDIARY
80
OUR SUBSIDIARY
MUTHOOT MONEY– AN OVERVIEW
Muthoot Money Ltd (MML), became a wholly owned subsidiary of Muthoot Finance Ltd in October 2018. MML
is a RBI registered Non- Banking Finance Company engaged mainly in extending gold loans and loans for
commercial vehicles and equipments.
The operations are now centered in Hyderabad.
As on 30th June, 2023 it has a total loan portfolio of Rs.4,961 million.
CRISIL assigned Long Term Debt Rating of CRISIL AA/Stable for its bank limits.
81
45
OUR SUBSIDIARY

Number of Employees 1,154 920 553 920
Gross Loan AUM (`) 4,961 3,870 1,976 3,870

Capital Adequacy Ratio(%) 19 24 47 24
Total Revenue (`) 205 173 113 564
Total Expense (`) 206 131 112 561
Profit Before Tax (`) (1) 42 1 3
Profit After Tax (`) (1) 31 1 2
Stage III Loan Assets 122 144 155 144
% Stage III assets on Gross Loan AUM 2.46 3.72 7.84 3.72
Stage III ECL Provision 46 55 68 55
ECL Provision 74 78 79 78
ECL Provision as a % of Gross Loan AUM 1.49 2.01 3.98 2.01
Total Assets (`) 5,575 4,342 2,239 4,342
82
45
OTHER SUBSIDIARIES
MUTHOOT ASSET MANAGEMENT PRIVATE LIMITED

(` In millions)
Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 FY 2023
Networth 1,157 1,141 1,103 1,141
MUTHOOT TRUSTEE PRIVATE LIMITED

(` In millions)
Q1 FY 2024 Q4 FY 2023 Q1 FY 2023 FY 2023
Networth 10 10 10 10
83

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Rajesh Achutha Warrier

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August 11, 2023

National Stock Exchange of India Limited Department of Corporate Services

Re: Investor Presentation: Quarter ended June 30, 2023

For Muthoot Finance Limited

RAJESH Digitally signed by

Diversified business of the Group

Muthoot Finance Limited Gold Loans Holding Company

Muthoot Homefin (India) Limited Affordable Housing Finance 100.00

Belstar Microfinance Limited Microfinance 56.97

Muthoot Money Limited Vehicle Finance 100.00

Muthoot Insurance Brokers Private Limited Insurance Broking 100.00

Muthoot Asset Management Private Limited - 100.00

Muthoot Trustee Private Limited - 100.00

Increase in Consolidated Loan AUM:

Highest ever Quarterly Gold Loan

All time high Gold Loan Portfolio

Increase in Consolidated Profit

Increase in Standalone Profit

All time high Interest Collection

HIGHEST EVER QUARTERLY

As onAs on March 31, 2023

ALL TIME HIGH GOLD LOAN

Q1 FY24 ₹ 975 Crore

ALL TIME HIGH INTEREST

As on June 30, 2023

Group Branch Network (Nos) 5,897 5,667 5,838 4

Consolidated Loan Assets Under Management* of the Group (`

Contribution in the Consolidated Loan Assets Under

Contribution in the Consolidated Profit after tax of the Group

Muthoot Finance (%) 93 97 94

*Principal amount of Loan assets

Loan Assets Under Management* of the Group (` in millions)

Jun-23 Mar-23 Jun-22 YoY (%)

Muthoot Finance Limited 676,385 632,098 566,892 19

Muthoot Homefin (India) Limited 15,007 14,381 14,748 2

Belstar Microfinance Limited 70,082 61,925 46,964 49

Muthoot Money Limited 4,961 3,870 1,976 151

Asia Asset Finance PLC 5,352 5,294 3,859 39

Less: Intra-Group Loan Assets 3,800 2,600 - (100)

Total 767,987 714,968 634,439 21

*Principal amount of Loan assets

Standalone Profit of Group Companies (` in millions)

Muthoot Finance Limited 9,751 8,020 22 34,735

Muthoot Homefin (India) Limited 47 14 236 104

Muthoot Insurance Brokers Private Limited 102 71 44 464

Belstar Microfinance Limited 517 138 275 1,303

Muthoot Money Limited (0.57) 0.49 (216) 2

Asia Asset Finance PLC 15 11 33 70

Muthoot Asset Management Private Limited 15 8 88 46

Muthoot Trustee Private Limited 0.13 0.03 333 0.27

Particulars Jun-23 Mar-23 Jun-22

Particulars Jun-23 Mar-23 Jun-22

Impairment of Financial Instruments 1,586 (99) 1702 2,420

Net Loss on derecognition of financial instruments - 20 (100) -

Multiple service offerings

Gold Loans Money Transfer Services Collection Services

Business loans Personal Loans

Corporate Loans Small Business Loans

Strong promoter interest in business with 73% stake