Kochi, Jul 9 (PTI) Muthoottu Mini Financiers Ltd, one of the non-bank financial companies (NBFCs), has announced its ratings upgrade to A-Stable from BBB+Stable by CARE Ratings.

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The company said it has registered 25 per cent growth in financial year 21-22 and aims to close FY 22-23 with an Assets Under Management (AUM) of Rs 4,000 crore through its aggressive expansion plans.

"Muthoottu Mini aims to have a total of 1,000 branches by the end of 2023, from its current 830-plus branch network," the company said in a release on Saturday.

Commenting on the upgrade in CARE Ratings, Mathew Muthoottu, managing director of Muthoottu Mini Financiers Ltd said, the ratings upgrade is a validation of how strong the brand is.

"We congratulate our entire team for their efforts. We are thankful to our customers for helping us to reach this coveted position," he said.

The company's consolidated AUM touched Rs 2,498.60 crore in FY 21-22 as compared to Rs 1,994.21 crore reported in the previous fiscal, the release said.

It added that the company has reported a consistent growth of 21.03 per cent in AUM during FY 19-20, 18 per cent during FY 20-21 and 25.29 per cent during FY 21-22 respectively.

"The Profit After Tax (PAT) for the year ended on March 31, 2022, grew by 45 per cent. As on March 31, 2022, the Gross NPA and Net NPA are at 0.61 per cent and 0.52 per cent respectively, the best in the industry," the company said.

The company has around 4,000 employees with a network of 830-plus branches spread across Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Haryana, Maharashtra, Gujarat, Delhi, UP, Goa and Pondicherry.

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