Midland Microfinance showcased a robust growth in its FY24 results

03 September 2024

Financial Developments:

​The company's total gross income was ₹533Cr, showing a 34.91% increase from the previous year. This growth was fueled by higher interest income on the Joint Liability Group (JLG) loan portfolio and a 39.94% increase in fees from Credit Plus Products. The Profit After Tax (PAT) also saw a 54% growth, reaching ₹72 Cr. The Assets Under Management (AUM) surged by 38% to ₹2,672 Cr, reflecting the company’s expanding loan portfolio and increasing market penetration. The total loan disbursed during the year was ₹2,520Cr, marking a 29.27% increase from the previous year, supported by the expansion of the branch network. The net worth increased to ₹488 Cr, aided by capital infusions from Kitara Capital, ICICI Bank, and other equity shareholders, totaling ₹71 Cr.

Operational Developments:

The company has added 107 new branches, bringing the total to 436 across 12 states and 2 Union Territories. The expansion aims to reach underserved regions and broaden the client base. The company has made significant advancements in digital adoption, including the implementation of new Loan Origination and Management Systems. This enables paperless processing and enhances customer engagement. Additionally, new financial products like education loans, dairy loans, and sanitation loans have been introduced to cater to various customer needs.

Strategic Focus and Future Plans:

The company's goal is to open 120 new branches in the coming year, with a focus on the southern regions of India. They plan to have 50% of branches running on solar power by 2030. Additionally, they aim to support 1 million households in adopting clean energy solutions. The company will continue to focus on leveraging digital platforms for operational efficiency, customer service improvements, and strategic partnerships to enhance community outreach.