Muthoot Microfin Limited — Audit Report / Information 2025

May 28, 2025

Suresh Surana & Associates LLP Chartered Accountants

Suresh Surana & Associates LLP

8th Floor, Bakhtawar 229, Nariman Point Mumbai - 400 021, India T + 91 (22) 2287 5770 emails@ss-associates.com www.ss-associates.com LLP Identity No. AAB-7509

Independent Auditors' Report on the quarterty and year-to-date Audited Financial Results of Muthoot Microfin Limited pursuant to Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations")

To The Board of Directors of Muthoot Microfin Limited

Report on the Audit of the Financial Results

Opinion

We have audited the accompanying Statement of financial results of Muthoot Microfin Limited ("the Company"), for the quarter and year ended 31 March 2025 ("Statement'), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• a) is presented in accordance with the requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations; and

• b) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards("lndAS") under section 133 of the Companies Act, 2013 ("the Act"), read with the Companies (Indian Accounting Standards) Rules, 2015, the relevant circulars, guidelines and directions issued by the Reserve Bank of India ("RBI") from time to time ("RBI Guidelines") and other accounting principles generally accepted in India, of the net loss and total comprehensive income and other financial information of the Company for the quarter and year ended 31 March 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Companies Act, 2013 (the "Act"). Our responsibilities under those Standards are further described In the Auditor's Respons1b1llt1es for the Audit of the F1nanc1al Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial results.

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Reelstered Office: 308·309, Technopohs knowledge Park, M1hak1h c.aves Road Andhen (E) Mumba, • 400 093. lnd,a T +91 (22) 61915555

•

Suresh Surana & Associates LLP Chartered Accountants

Responsibilities of Management and those charged with Governance for the Anancial Results

This Statement has been prepared on the basis of the annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of the financial resuits that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act, read with relevant rules issued thereunder, RBI Guidelines to the extent applicable, other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 read with Regulation 63 of the Listing Regulations.

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for the safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditors' Responsibilities for the audit of the Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Board of Directors.

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Suresh Surana & Associates LLP Chartered Accountants

• Conclude on the appropriateness of Board of Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the Audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial results may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide· those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other matter

• a) The Statement includes the financial results for the quarter ended 31 March 2024 being the balancing figures between audited figures in respect of the full financial year ended 31 March 2025 and the published unaudited year to date figures upto 31 December 2024, being the date of the end of the third quarter of the current financial year, which were subject to limited review by us, as required under the Listing Regulations.

• b) The Statement includes figures for the quarter and year ended 31 March 2024, which were audited by predecessor auditor of the Company and who expressed unmodified opinion on those annual financial results vide their report dated 6 May 2024. This report has been relied upon by us for the purpose of the audit of the Statement.

Our opinion on the Financial Results is not modified in respect of above matters.

For Suresh Surana & Associates LLP Chartered Accountants Firm' Registration No.121750W I W-100010

Rame Partner Membership No.: 102306 UDIN.:2.sI0,t'.3Q (,8 MHKMl.. Y6'0

Place: Mumbai Date: 8 May 2025

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Mulhoot Microfin Limited

CIN: L65190MH1992PLC066228

Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, &nclra East, Mumbai, Mahamshtra - 400051 - Admin Office: 5th Floer, Muthoot Towers, Opp Abad Hotel, MC Road, Kochi, Kcrala 682035 Statement of audited fina cial re8111ts for the quarter and year ended March 31, 2025 (All amounts in INR millions, except per share data)

Paculars	Qte ended Year ended March 3, 2025 DcJ, 2024 March 31, 2024 March 3, 202Mach 31, 2024	Qte ended Year ended March 3, 2025 DcJ, 2024 March 31, 2024 March 3, 202Mach 31, 2024	Qte ended Year ended March 3, 2025 DcJ, 2024 March 31, 2024 March 3, 202Mach 31, 2024
	Audited (eft Nute 20)	Unaudited	Audited Audited Audited (eftr Nute 20(R eftr N ule 20)(efer Nute 21) &21)
Income Revenue fom opentons Interest income Fees and commisson income Net gain on (ar value changes Income on uwestment. Saleo(services Total revenue fom opeations Other income Total income Expenses Finance costs Fees and commission expnses Net lo on derecognition of financal instrument under an,orised cost category Impirment on financal instts Emploee benefts expnse Depreciab.on and amortisb.on expense Other expe15es Total expenses Profit before tax for the peiod/ year Tax e Current tax Deferred tax (Credit)/Charge Tax relating to prior years Total tax expense Net profit (loss) for the peiod/year Other comprehensive income TtPmR that will nnt hr rN'la,ifiP< tn prnfitnr 101 Remeasurement of gain/ (loss) on defined benet plan Tax impact on above Items that wil be reclassified to profit or loss Remeasuremento(finacial assets carried al fair value through O Net movement on effetive portionofCashflow hedge Fair value change in FVOCJ Debt Securitil Tax impact on above Othe comprehensive income, net of tax Total comprehensive income for the peiod/year Paid-up equity share capital (face value o( f 10 ech) Other equHy (excluding revaluation reserve) Egs pe share (S) • Bsic (t) Diluted( _t_l	5,270.30 165.47 5.25 53.2b 5.05	6,2-8.83 24.43 23247 46.43 5.6	5,65.61 23,694.79 19,735.78 170.9 973.04 409.0 538.59 695.26 2,176.85 6.87 236.84 lS.78 3.U 17.0 10.83
	5,550.33 11.88	6,87.8 6.63	6,432.18 25,616.93 22,489.33 18.5 27.47 63.46
	5,6221 2,217.08 59.07 - 6,520.0 1,421.0 ll 1.84 450.20 10,79.34 (5,27.12) (403.43) (82.20) - (1,05.63)	6,814.47 2,372.91 51.79 830.01 l,6i227 1,328.4 109.39 49.01 6,763.82 50.65 83.43 (39.27) (31.51) 1265	6,450.74 25,644.40 2,552.79 2,30.91 9,301.05 8,660.42 73.18 253.62 271.85 - 1,14217 - 618.9 10,423.24 1,725.39 1,245.25 5,339.07 4,46.26 97.57 428.37 35.38 334.97 1,65.92 1,25.07 4,676.84 28,33.44 16,73.37 1,73.9 (2,889.04) 5,818.42 369.6 468.41 1,456.31 169.9 (1,10.71) 104.80 36.7 (31.51 (238.52) 576.29 (66.81) 1,22.59
	(4,D .50) 7.60 (1.92) 638.44 (426.41) 15.31 (3.66)	38.00 (1.9) 0.49 56.22 - (6.16) (12.6)	1,197.61 (2,225.23) 4,495.83 (6.2) (12.89) (36.0) 1.57 3.24 9.07 52.97 921.16 218.81 - (426.41) - 7.00 - (13.33) (72.72' (55.07)
	229.36 3.0		3.9 f19.38 136.7
	(3,782.14) 1,70.92 (2.5) (23.33)	74.0 1,704.92 U.22 0.22	1,22.58 (1,805.85) 4,632.60 1,704.92 1,70.92 1,70.92 24,646.30 26,370.85 7.02 (U.29) JU.92 7.02 (13.071 30.25

*EPS is not annualized for the quarter.

See accompanying notes to financial results

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Muthoot Microfin Limited

CIN: L65190MH1992PLC066228

Regd. Office: 13th Floor, Parinee Crt'SCenzo, Bandra Kwla Complex, Bandra Ea&t, Mumbai, Maharashtra - 400051 Ad.min Offke: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Kochi, Kerala - 682035 Statement of Audited Assets and Liabilities as at March 31, 2025

(All amounts in INR millions, unless stated otherwise)

Particular& ASSES Financial assets Cash and cash equivalents Bank balances other than cash and cash equivalents Reeivables (a) Tnide reeivables (b) Other reeivable Loans Investents Other financial assets Non-finacial a ets Cwrent tax assts (net) Deferred tax ast (net) Property, plant and euipment Right to us assets Other intangible assets Other non-financial assts Total auets UABII.TES AND EQU Liabiities Finacia liabilites Derivatve fcial instruments Payables Trade Payables (a) Total outstanding due of mico enterpriss and small enterprises (b) Total outstanding dues of creditors other than micro enterprise and �mall enterpr� Other payables (d) totl outtantling due& of mjuo entei p1il and ;mall enterprii;, (b) total outstanding dues of creditors other than micro enterprises and small enterprise Debt scuritie Borrowings (other than debt switie) Lease liabilite Other fnancial liabilitie Non-financial liabilites Provisions Deferred tax liability (net) Oter non-fnancal liabilities Equity Equit share capital Other equity **Total liabilities and equit **	As at Mach 31, 202	As at Mach 31, 2024
	Audited 6,972.50 -,725.22 221.12 488.2- 87,401.91 3,53.42 1,08.7 1,0,411.13 80217 938.19 767.73 l,-56.84 1.67 19248 4,159.0 1,08,570.21 78 - 19.25 - 6.48 5,66.63 73,627.58 l,7-9.23 757.9 8,0.93 111.76 - 91.25 2030 1,675.97 2-,66.30 26,2227 1,0,570.21 Audited (Ree Note 21) 9,276.49 6,488.2- 145.18 2,-.20 92,863.61 467.09 1,630.41 1,13,279.2 131.13 - 73282 1,410.87 2.86 345.36 2,623.0 1,15,9226 - 24.79 217.06 - 8.63 9,986.20 7-,261.6 1,6-S.03 l,3-6.11 87,489.47 110.09 93.0 166.1- 39.27 1,672.67 26,370.85 28,03.52 1,15,9226

See accompanying notes lo financial result&

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Muthoot Microfin Limited

ON : L65190MH1992PL0>6 228

Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharas tra - 400051 Adm.in Office: 5th Floer, Muthoot Towers, Opp Abad Hotel, MC Road, Kechi, Kcral.1 -682035 Stat[e] ment of Audited Cash Flows for the ye.u- ended March 31, 2025

(All amounts in 1NR millions, unle[s] s stated othe[r] wise)

Particas	Year ended March 31, 2025 Audited Year ended Mach 31, 2024 Audited (efe Note n)	Year ended March 31, 2025 Audited Year ended Mach 31, 2024 Audited (efe Note n)	Year ended March 31, 2025 Audited Year ended Mach 31, 2024 Audited (efe Note n)
Cash fows fom opeatg actvites Net proft (loss) before tax Adjusbents Opnriation and amortisation (Gain)/lo on dis/ discard of proprty plant and t,upments/ intangible assts Provision for cmployc-c benefits Net lo on dereognition of financal instrument under amortisd COt category Impairment on financial instruments Income from Investments Interest income on security deposits Net gain on termination of lese Gain on sale of lon asset through direct assignment Adjubtments towards effecive interest rte in respet of lon assts Adjustments towards effetive interest rte in re of debt stit, borrowings and subordinate liabilities Employe share based pyment expns Adjubtment on account of consolidation of EOP tust Finance cot on borrowings Finance cost on leases Operating proft befre workg capitl chges Working capital changes (lncreabe)/ deease in lons (Increase)/ dereas in trade reeivables (Increase)/ deeas in other receivables (Increase)/ de in oher financial asts (Increase)/ deas mother non fmanaal assets Inc/ (deceas) in derivative fnancal instrument (net) Increase/ (de-reas) in trade payables Increase/ (decreae) in other pyables Increase/ (decrease) in other fnacal liabilites Increase/ (deceas) in provisions Increase/ (dereas) in other non financial liabilitie Cash usd in opeatg actirities Income taxes paid (net) Net cash (used inVgenerated from opeatg actvites Cash fows fom ivesting actvities Purchase of proprt plant and euipments (including capital advances) and intangible assts Investment in term depoits with bank (net) Investment in Scurity Receipts (ARC) Proeeds from redempion of Sty Reeipts (ARC) lnvestment in Government Sa:urites Interest received on Goverent S-ties Purchase of Mutual Funds Redemption of Mutual Funds Pro ds from sale of proprty plant and euipments Net (used in)/geneated fom in investng actvities (2,889.0) 428.37 1.32 63.78 1,14217 10,423.24 (236.84) (4.78) (5.94) (695.26) (89.01) 54.94 52.92 3.35 9,115.38 185.67 17, 0.27 (5,03.54) (75.94) 1,919.96 1,26.60 152.7J 76.86 (51.61) (215) (665.07) (75.00) (74.89) 14,928.22 (1,107.94 13,820.28 (207.32) 1,763.02 (1,933.8) 118.58 (1,254.11) 43.5 (46,55.0) 46,743.28 (1.0 (,7.86) 5,818.42 354.38 (0.82) 47.13 1,819.58 (15.78) (4.12) (4.54) (2,176.85) 285.6 (59.30) 93.72 (12.39) 8,50.22 160.20 14,664.49 (23,7 00.50) (112.14) (1,705.14) (155.6) llUS.lUJ 241.8 (222.28) (461.86) (9.21} 9295 (1,472.59) (1,244.33) (12,76.92) (276.34) (2,301.01) 16.5 (42,9.00) 42,546.78 0.82 (2,3.28)		(2,889.0) 428.37 1.32 63.78 1,14217 10,423.24 (236.84) (4.78) (5.94) (695.26) (89.01) 54.94 52.92 3.35 9,115.38 185.67 5,818.42 354.38 (0.82) 47.13 1,819.58 (15.78) (4.12) (4.54) (2,176.85) 285.6 (59.30) 93.72 (12.39) 8,50.22 160.20
		17, 0.27 (5,03.54) (75.94) 1,919.96 1,26.60 152.7J 76.86 (51.61) (215) (665.07) (75.00) (74.89) 14,664.49 (23,7 00.50) (112.14) (1,705.14) (155.6) llUS.lUJ 241.8 (222.28) (461.86) (9.21} 9295
		(,7.86)	(2,3.28)

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	Year ended	Year ended
Partculars	March 3, 202 Audited	March 31, 2024 Audited
		(efe Note 2)
Cash fows from f cing activites
Proeeds fom issueoequity shares (including securites premium) Share issul' expenss Amount retained in I prods account Proeeds from borrowings Proeeds from debt surities Proeds from se.uritiston arangement	41,232.25 664.0 15,636.62	7,60.00 (549.81) (277.62) 44,949..4 3,00.00 21,197.21
Repayment of borrowings Repayment of debt surities Repayment of securitisation arrangement	(39,341.64) (4,727.65) (18,538.%)	(28,055.55) (7,456.50) (15,20.02)
Finance cost paid Proeeds from execise of employee stock option Payment of lease liabilities Net (used iVgenerated fom fnancig actvites Net (decease)ncease in cash and cash equivalents	(9,428.12) 28.32 (37.23) ~~(~~1,846.41) (2,303.99)	(8,207.57) 20.91 (30.34) 16,70.15 1,739.95
Cash and cash equivalents as al the beginning of the year Cash and cash equivalents as at the ed of the peiodear	9,276.49 6,97250	7,536.54 9,276.49
Componets of cash and cuh equivalents
Cash in hand	26.93	28.47
Balance with banks in current account Tcm1 dcpuits with rc.idual maturity of 3 months or les with scdulcd bank	6,114.20 831.37	6,023.61 3,221.n
	6,97250	9,76.49

Muthoot Microfin Limited CIN : L6.5190MH1992PLC066228

• Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Ku.rla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthoot Towers, Opp Abad Hotel, MG Road, Koehl, Kerala - 682035 Notes to the audited financial results for the quarter and year ended March 31, 2025

• 1 The above financial results of Muthoot M.icrofin Llmited ("lhe Company") together with results for comparative periods have been prepared in accordance with the recognition and measurement principles laid down in lhe Indian Accounting Standard ("Ind AS"), notified under section 133 of the Companies Act 2013 ("the Act"), read with companies (Indian Accounting Standards) rules 2015 as amended from time to time, circulars, guidelines and directions issued by the Reserve Bank of India ("RBl") from time to time ("the RBI guidehnes") and other accounting prinoples generally accepted in lndia and in compliance with the presentation and disdosu.re requirements of Regulation 33 and Regulation 52 read with Regulation 63 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended), including relevant circulars issued by SEBI from time to time.

• 2 The above Results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meeting held on May 8, 2025. The Results for the quarter and year ended March 31, 2025 have been audited by the statutory auditors. viz. Su.resh Surana & Associates LLP, Chartered Accountants.

• 3 The Company is registered as a Non-Banking Financial Company - Micro Finance Institution ('NBFC-MFI') with the Reserve Bank of India (RBI), as defined under section 45-IA of the Reserve Bank of India (RBI) Act, 1934.

• 4 The Company is classified under "Middle Layer" pursuant to Master Direction - Reserve Bank of lndia (Non-Banking Financial Company- Scale Based Regulation) Directions, 2023. Accordingly, the Company has taken steps, wherever applicable to ensure compliance with the said Master Directions.

• 5 The Company has consistently applied its material accounting policies in the preparation of this Statement consistent with those followed in the annual financial statements for the year ended March 31, 202-1. Any application of circulars/ directions issued by the RBI or other regulators are implemented prospectively when they become applicable.

• 6 The Company is engaged mainly in the business of financing and as such, there are no such reportable segments as per Ind AS 108 "Operating Segments". The Company operates only in a single geographical segment, i.e, domestic.

• 7 The business modrl of the Company undrr Ind AS 109 "Financial lnstruments" continues to be 'hold to collect and sell' and consequently, the financial assets have been fair valued through other comprehensive income as on March 31, 2025.

• 8 Wormation as required by Regulation 52 (4) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended for the year ended March 31, 2025 is provided in Annexure I.

• 9 The Company does not have any Subsidiary/ Associate/Joint Venture Company(ies), as on Mar[c] h 31, 2025.

• 10 As per Regulation 54 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 ('Listing Regulations'), as on March 31, 2025, all Secured Non- Convertible Debenture (the NCDs) of the Company are secured by exclusive first charge by way of hypothecation against the loan assets of the Company. Further, the Company has maintained the minimum required security cover as per the respective terms of principal outstanding and accrued coupon thereon or as staled in the Information Memorandum of these NCD's at all times.

• 11 The Company has been regular in servicing all it's borrov,ings in the fast Financial Year. There has been instances of breach covenants relating to borrowings outstanding during the quarter and year ended as at 31 March 2025. Based on the discussions with the lenders, the Company has no reason to believe that any adverse action, such as levy of higher interest or a recall of the facility, will be invoked by the lenders on aa:ount of such breach; and as of the date of these financial results, none of the lenders have intimated about initiation of any remedial action. Accordingly, no adjustment are required in these fina cial results.

• 12 The mir:rofinance sector in Tndi11 fllced many challenges during the financial ye11r 2024-25. The overall mark.et conditions are improving but has impacted the portfolio quality and performance. This include over leveraging among the Microfinance bor owers at the household Jevel, Kana Mukthi related activities, and impacted by extreme weather conditions have resulted in crop damage and reduced yields in the past years which led to prolonged financial instability in affected areas. The microfinance sector in Karn taka has been affected by The Kamataka Micro Loan and Small Loan (Prevention of Coercive Actions) Ordinance, 2025, an initiative by the state government. The act is to prevent un-registered money lenders in the state and against coercive col ection practices. The ac.t is expected to help the MFI Industry and registered regulated entities on a long-term basis hut had "

• made disruptions in the short term. I his has contributed to fluctuations in portfolio performance; though the same peaked in February 2025, the same is currently getting resolved gradually with improved portfolio performance in Mar[c] h 2025. Self­ Regulatory Organizations (SROs) have implemented guardrails to control the delinquency situation and aggressive lending practices in sector. This has brough in necessary discipline in the sector.

During the quarter and year ended march 31, 2025, the Company has provided Management overlay of Rs.2,296.53 Million, which include R,;.971.21 million for general over lay and R'i.l r"\25.:U million rPJating tn Karn taka impact.

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Muthoot Microfin Limited

ClN : L6.5190MH1992PLC066228

• Regd. Office: 13th Floor, Parinee Crescenzo, Bandra KUila Complex, Bandra East, Mumbai, Maharashtra - 400051 Adm.in Office: 5th Floor, Muthool Towers, Opp Abad Holel, MG Road, Kochi, Kerala - 682035

Notes to audited financial results for the quarter and year ended March 31, 2025

• 13 The Company has completed an Initial Public Offer (IPO) in the previous year and pursuanl to the same, shares were !isled on National Stock Exchange (NSE) and BSE Limited (BS£) on December 26, 2023. The Company has fully utilized the issue proceeds from fresh issue of equity shares in the previous year itself.

The Company had created. liability for CPO (Initial Public Offer) related expenses amounting lo Rs.706.88 million during the previous year ended March 31, 2024. This comprises the Company's share of Rs.559.81 million and Selling Shareholder's share of Rs.147.07 million. As on March 31, 2025, of these liabilities, the Company had paid Rs.640.23 million and remaining liability of Rs.66.6.5 million is being carried forward. The details of liabilities incurred are given below:

2025, of thee liabilitie, the Company had paid Rs.60.23 mil of liabilities incurred are given blow:	lion and remaining liability of Rs.66.6 mil	lion is being carried forward. Te detils
Pacula	Amount Provided for asIPOEpenses	(Rs. In Millions, unle otheise stte) Amount paid upto Manh 3, 22
BRLMs fes and commissions (including underriting	311.52	282.02
commission, brokerage and selling commission) Comission/ proe ing fe for SSBs and Bankers to the Offer and fe payable to the Sponsor Bank(s) for Bids made by UPI Bidders. Brokerage, sellig commission and bidding charges for Mebrs of the Syndicate, Registered Brokers, RTAs am. CDPs	51.79	49.57
Fes payable lo the Re,strar to the Offer Fespayable to advisors and consultnts Others	3.84 87.6 252.0	3.29 88.57 216.78
Total	7.88	6.23

• 14 ThP C'odP on Sof"ial SP<·urity, 2020 ('C'ndP') rPlatin� to PmployPP hPnPfit,; durine PmplnymPnl and pn,;t-f'mplnymPnt hPnPfit,; rP[C] Pivf'd Presidential assent in September 2020. The effective date from which the changes are applicable is yet to be notified and the rules for quantfy ng the financial impact are yet to be framed. The Company will assess the impact of the Code when it comes effe[c] t and the rules are framed. The Company will record any relevant impact in the period the code becomes effective.

• 15 55,750 equity shares and 330,125 equity shares of face value of Rs.10 have been transfered from Subha Joseph, Trustee of MML Employee Welfare Trust to 10 and 16 eligible employees pUisuant to exercise o( the outstanding vested options al applicable grant price dUiing the quarter and year ended March 31, 2025 respectively under Muthoot Microfin Employee Stock Option Plan 2016 ("ESOP 2016") and Muthoot Microfin Llmiled Employee Stock Option Plan 2022 ("ESOP 2022").

• 16 Details of loan assets transferred through Direct Assignment, in respect of loans not in default dUiing the quarter and year ended March 31, 2025, under Reserve Bank of India (Transfer of Loan ExposUies) Directions, 2021 dated September 24, 2021 are given helow-

(Rs In Millions uneoterwise stated)	(Rs In Millions uneoterwise stated)
, Quarer ended SI.No. Pacula Marh 3, 20	Year ended Marh 3, 2025
1 No. of Accounts 1,58,913	4,82,182
2 A1 1ateprincipal outtandingof lons transferred 5,512.37	18,43.91
3 Sale consideration 4,815.17 4 No. of Transctions 3	16,213.0 11
5 Weightedaverageremainingmaturit 1.33 years	1.34 years
6 Weighted average holding period 0.70vears	0.70vears
7 Retention of bneficialeonomic interet(MRR) 697.20	2,20.82
8 Coveraie of tnlible sity coverage N.A 9 Ratng-wis distnbution of rale loans N.A	N.A N.A
10 No.of tansactons donewithaletoreplace thetransferredloans basis N.A	N.A
11 No. of transferred lons replace N.A	N.A

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Muthoot Microfin Limited CIN: L6.5190MH1992PLC066228

Regd. Office: 13th Floor, Parinee Crescenzo, Band.Ta Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051 Admin Office: 5th Floor, Muthool Towers, Opp Abad Hotel, MG Road, Kochi, Kerala - 682035 Notes to iludited �ciil] results for the quuter md yeu ended Mill"Ch 31, 2025

• 17 Details of stre loan assets transferred lo Asset Reconstruction Company and invesbnenl made in Security Receipts (SR's) during the quarter and year ended March 31, 2025, under Reserve Bank of lndia (Transfer of Loan Exposures) Directions, 2021 dated September 24, 2021 are given below

blow
SI. No.		Puculi	(Rs. ln Millions, unle othee state) Quuer ended Yeu ended Mi Marh 3, 2025 3, 22
	1	No. of Accounts	-	1,91,247
	2 3 4 5 6	Ali eiale principal outtandin! of los transferr Wei1hled avera1e reidual tenor of the los transferred Net hook value of loans transferred(at letmwof transfer) A,rnregate consideraton Additonal consideration realized in repet of account transferred in earlier years	~~-~~ - ~~-~~ ~~-~~ -	4,97.41 0.7years 3,37.17 2,2.0 -
	7	Investent in SuritReeipt	-	1,9 .80

Details of recoverratin1assioned forSurityReeiptsasalMarch31 202 are , Recover Ritg Piicul; **SC e **	Details of recoverratin1assioned forSurityReeiptsasalMarch31 202 are , Recover Ritg Piicul; **SC e **	given blow- Implied Recover	Book Vi ue
SR of Rare ARC - 054 Trust SR of PARAS-149 Trust	!YR RR1 IVR RR1	100, lo 150' 10% lo 150%	393.6 551.22
SR of PA RAS-160 Trust	To h rated within 1ouideline	tieline as per RBI	1,337.0

i) The Company has not acquired any loans through assignment

• ii) The Company has not acquired any stressed loans.

• 18 During the quarter and year ended March 31, 2025, the Company has issued Nil and 6,640 s d, listed, rated, rede[e] mable non-convertible debentures having face value off 1,00,CXXJ each amounting to Nil and Rs. 664 million rl'Spectively.

• 19 In the Quarter and nine months ended December 31, 2024, the Company has recognised an up&ont gain of 138.03 million on account of co­ lending (CLM-2), however, this has b n reversed in the quarter and year ended March 31, 2025. The reversal is e ected as the Company discontinued the CLM -2 Model and plans to continue with CLM-1 Model under co-lending.

• 20 Figures for the quarter ended 31 March 2025 and 31 March 2024 are the l:ialancing figures between audited figures in respect of the year ended 31 March 2025 and 31 March 2024 and the unaudited figures for the ni:ne months ended 31 December 2024 and 31 Decemher 2023, respectively, which were subjected lo limjted review by the statutory auditors of the Company.

• 21 Figures for the quarter and year ended March 31, 2024 were audited by predece or statutory auditor who expre d an unmodified opinion on those Results.

• 22 These financial results are available on the websites of the Stock Exchanges (www.bseindia com and www.nseindia com) and on Company's website al www.muthootnticrofin.com.

• 23 Previous period's / year's figures have been regYOuped / reclassified wherever nece ary to correspond with the current period's / year's classification / disclosure.

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Name : Thomas Muthoot John Designation : Executive Director DIN : 07"".:>57585 Place : Ko[c] hi Date : May 08, 2025

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Muthoot Microfin Limited

CIN : L65190MH1992PLCll66228

Regd. Office: 13th Floor, Parinee Crescenzo, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - -100051 Adm in OffiL-e: 5th Floo,, MuthootTowers, Opp Abild Hotel, MG Road, Koehl, Ker.ila -682035 An exure I to audited financial results for the quarter and year ended March 31, 2025

Muthoot Microfin Limited CIN : L6519MH192PLC228 Regd.Office:13th Flor, Parine Creenzo, Bandra Kurla Comple, Bandra Est, Mumbai, Maharashtra- -01 Adm in OffiL-e: 5th Flo,, MuthtTowers, Opp Abd Hotel, MG Rod, Koehl, Ker.a -62035 A exure I to audite financial results for the quate ad yea eded Mach 3, 2025	Muthoot Microfin Limited CIN : L6519MH192PLC228 Regd.Office:13th Flor, Parine Creenzo, Bandra Kurla Comple, Bandra Est, Mumbai, Maharashtra- -01 Adm in OffiL-e: 5th Flo,, MuthtTowers, Opp Abd Hotel, MG Rod, Koehl, Ker.a -62035 A exure I to audite financial results for the quate ad yea eded Mach 3, 2025	Muthoot Microfin Limited CIN : L6519MH192PLC228 Regd.Office:13th Flor, Parine Creenzo, Bandra Kurla Comple, Bandra Est, Mumbai, Maharashtra- -01 Adm in OffiL-e: 5th Flo,, MuthtTowers, Opp Abd Hotel, MG Rod, Koehl, Ker.a -62035 A exure I to audite financial results for the quate ad yea eded Mach 3, 2025
Dislosure in compliance with Regulaton 52 (4) of Lhe SEBI (Listing Obligations dJd Dislosure Reuiremenl) Regulations 2015, as amended for U1evear ended March 31 2025
SI No. Pacula a Year ended Yea eded March 3, 2025 Mach 3, 2024 J Debt Equity Rabo ( No.of bmeJ 3.01 3.00 2 Debt Srvice coverage ratio Not applicable Not applicable 3 Interest srvice coverage rato Not applicable Nol applicable 4 Outstnding redemable preference shares (Quantity) Nil Nil 5 Oulstanding redemable preference shares ( Amount in Millions) Nil NiJ 6 Capital redempton rerve (Amount in Millions) Nil NiJ 7 DebnlurP redemption rerve NiJ Nil 8 Net worth ( Amount in Millions) 26,32227 28,03.52 9 Net profit after lax (Amount in Millions) (2,225.23) 4,495.83 10 Earing per she.e (In Rs.) (Face value of Rs. 10 pereuit share) (i) Bask (13.29) 30.92 (ii) Diluted (13.07) 30.25 11 Currenl ratio Nol applicable Nol applicable 12 Long term debt to working capital (No. of times) Not applicable Not applicable 13 Bad debls to act.'Ounls reeivable ratio Not applicable Nol applicable 14 Current liabilit rato (No. of tmes) Nol applicable Not applicable 15 Total debt to total assls ( No. of time) 0.7 0.73 16 Debtors turnover rato Not applicable Not applicable 17 Inventor turnover ratio Not applicable Not applicable 18 Operating margin (11.27") 25.80" 19 Net profit margin (8.6") 19.93, 20 Stor spe euivalent ratios include foUowing: (i) Gross NPAs 4,511.67 2,207.89 (ii) Net NPA (Net of Stagemprovision) 1,203.63 861.21 (ill) , of Gross NP A -.8" 229� (iv) \ of Net NPA (Net of Stage D provision) 1.:�a 0.91i (v) Provision coverage ratio 73.32** 6,9, (vi) Capital risk adeuacy ratio(CRAR)" 27,86, 28.97" (vii) Li1uiditv Covera2e Ratio 291.98" 170.66" Not applicable. As pr the maagement, thee ratio are either not applicable or cannot b meaningfully computed considering the nature of the Company's operatons. Notes: 1 Debt-equity rato--(Dbt scuritie+ Brrowings (Other than debt surities)+ Subrdinated liabilite / Net worth 2 Net worth• Equity share capital + Other euity 3 Total debt to total as = (Debt seuritie• Brrowings (Oer than debt sturities) . Subrdinatt Liabilitts)/Total &Sets 4 Opt7ating margin = Profit before lax (PB/ Total Income 5 Net profit margin- Profit ofter tax(PA n/Totnl Icome 6 ' of Gross NPA= StageITTloans (NPA as pr SMA clasification)/ Gros Jon oultanding. 7 ' of NEt NPA (Net of Stgel]Jprovision)aStagemJons (NPA as pr SMA classification)-StageIDExpcted Credit L /(Gross loan outnding-Stge ID Expd Credit Los ) 8 Provision coverage ratio• StagemExpted Credit L/ Gro Stagemlon EA D 9 CAR = Adjusted net worth / Risk weighted isls, calculated as per RBI Guidelines. 10 Llquiditv Coverale Ratio is calculdted asnRBI PUideline**	Pacula a Year ended March 3, 2025 Debt Equity Rabo ( No.of bmeJ 3.01 Debt Srvice coverage ratio Not applicable Interest srvice coverage rato Not applicable Outstnding redemable preference shares (Quantity) Nil Oulstanding redemable preference shares ( Amount in Millions) Nil Capital redempton rerve (Amount in Millions) Nil DebnlurP redemption rerve NiJ Net worth ( Amount in Millions) 26,32227 Net profit after lax (Amount in Millions) (2,225.23) Earing per she.e (In Rs.) (Face value of Rs. 10 pereuit share) Bask (13.29) Diluted (13.07) Currenl ratio Nol applicable Long term debt to working capital (No. of times) Not applicable Bad debls to act.'Ounls reeivable ratio Not applicable Current liabilit rato (No. of tmes) Nol applicable Total debt to total assls ( No. of time) 0.7 Debtors turnover rato Not applicable Inventor turnover ratio Not applicable Operating margin (11.27") Net profit margin (8.6") Stor spe euivalent ratios include foUowing: Gross NPAs 4,511.67 Net NPA (Net of Stagemprovision) 1,203.63 , of Gross NP A -.8" \ of Net NPA (Net of Stage D provision) 1.:�a Provision coverage ratio 73.32** Capital risk adeuacy ratio(CRAR)" 27,86, Li1uiditv Covera2e Ratio 291.98"**	Yea eded Mach 3, 2024 3.00 Not applicable Nol applicable Nil NiJ NiJ Nil 28,03.52 4,495.83 30.92 30.25 Nol applicable Not applicable Nol applicable Not applicable 0.73 Not applicable Not applicable 25.80" 19.93, 2,207.89 861.21 229� 0.91i 6,9, 28.97" 170.66"

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Name : Thomai. Muthootjohn Designation : Executive Director DIN : 07557585 Pleet: Kochi Date : May 08, 2025

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Muthoot Micnrin Linrited ON: L65190MH1992PLC.'l 66228

Reitd, Office: 13th Floor, Parinee Creocenzo, Bandra Kurla Complex, Bandra F.ast. Mumbai, Maharashtra - 400 51 Admin Office: 5th Floor, Muthool Towers, Opp Ahad Hotel, MG Road, .Koehl, Kerala -682035 Annc.<un, rt to fi unci•l re.ult,; u •t Mu<h n, 2025

Rel•ted porty tr.>nsactioN for the qUirter •nd year ended Mardi 31, 2025

Rel•ted pr tr.nsactioN for the qUirer •nd year ended Mard 31, 202	Rel•ted pr tr.nsactioN for the qUirer •nd year ended Mard 31, 202	Rel•ted pr tr.nsactioN for the qUirer •nd year ended Mard 31, 202
Nomes of the rlated n,ntie •nd n•tur o nJationhic N,tur of relationhiD Holdinl Comoanv			N•me of the p Muthot Fion Uiled
Etl in whih KP ar able to exeris contol ur haYe slg l inOuene Fellow 5Ubdiary Common d ship Key Management Pero el (KMP)				Muthot Exim Pr,-ate Llmited Muthot Pan~chan Founation
				Muthot Pappachan Tehnologe Uled Mulhot Housirl< Fi Comnanv L e Mutot Captl S1re Liite Te TR Mac Medi Pr,·ate Lliled M-Liga Sprts Ece ence PriYate Uniled Ceda,·eue Prh-ale L 'oma Muthot, Non-Eecutve Dor (degton change l Non Eecutve w.eJ 19-U-2024) Tom35Jon Muthot. Non-Ea"tve D (uplo 19-12-2024) 'Tomas Gerge Muthool, Non-Executve Dretor lhomas MuthootJol Fxecunve Diretor lW,ej 19-tl-2024) Akya Prasd, NonExecutve Dintor John 'ler Day, Non-Executve Dor TS Viayan. Non-Exeutve Inep nt Otor Alok Prsd, Non-Executve Indeedent Detor 8ma Kmurthy, Non-Execut,•e Ident Dretor Pusp B Murickel\ Non-Exeutve Inep t Dctor R, NonExeutive Independent Diretor (upto 02-12-2024) Anil Seedhar, Non-Executve Indep nt Dtor (w.e130-12-2024) SdafSye, Lief Executve Ulicer Praveen T, Cief Y-m Offce Nethu Aiav, Chief Comnl Of6ce & C omnanv Str
Other Rea led Partie				MML Epoyee Welfare Tu5t H Muthot. CiefStateav Or6cer
Tr•ns•cions with the related porie			(All amount in Rs. Mi]< unle oherie stated]
Natur Cash management c'harge and Comon E Commison Income Software support charge Ret e Retal Dposts CR Fdllure la veiling charge Ti-de.e mArk F� Tade mark Fee Trade mark Fee Siltng Fes & Fxpe Reimb nt Kemunrabun (ctO) Remuneraton (CFO) Reuneraton (C.) Reuneaton (Executve Diretor) Remunraton (CiefStraleR)' Office) Gold Aucton Markting e Profe onal Carge lnvetenl In eqt ients		Name o the pry Muthot Finorp Uile Mulhot Fi Uiled Mulhot E Private Liited Mulhot Pappach. Tedmologe Muthuot Fin<ur Uile Toma: Mulhout Tomas George Mu lhool Tomas John Muthol Mulhol Pinorp Untiled Mr. Tomas Mulhut Mr. Tomas GerRe Muthoot Mr. Toma John Muthoot Mulhol Pappachan Founaton Mulhot Y-morp Uile Tom .. Gcr,� Mutuol 1lomas John Mutt Tomas Mulhol Pu.py B Mu TS Vijayan AlokPrsd Bhama Kmurthy R.Annd Ani S,-ar Mr. Sda! S,•e Mr. Praveen T Ms Nethu Aay Tomas Mulhol John Hannh Muthol Mulhot Exim P1frate L te M-Lga Sport Exce Printe Lmite Cea,•enue Pri,•ate Untiled Te T Machine Medi Pr,·ate Lmited		Tr•nacion fo the period ended Manh 31, 202	(P•y•ble) Receiv•ble •• •t Manh 31, 2025
				55.2 0.02 15.01 12.0 1.85 3.z 7.5 1.89 (0.25) - . 31.48 0.02 0.03 0.03 0.0 1.17 1.14 1.53 1.47 0.75 0.2 So.0 13.42 6.12 2.42 0.-3 - 8.?	(4.13) 0.0 (0.59) - (0.14) (0.30) (0.69) (0.17) 0.29 0.18 0.10 0.08 (25.81) 0.0 - - - - - - - - - - - - - -- - - 0.45

Nole: Above expenses are excluding applicable laxes

For �['l][,ehalf ol the Board ol Oittdon ] Nam: \ � �ulhootJohn Designation : Executive Director DIN : 07557585 Place : Kechi Date : May 08, 2025

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m ·o'ot mutli MICRO FIN

May 08, 2025

BSE Limited Corporate Relationship Department, 2nd Floor, New Trading Wing, Rotunda Building, P.J. Towers, Dalal Street, Mumbai 400001

National Stock Exchange of India Limited Exchange Plaza, 5th Floor, Plot No. C/l, G Block, Sandra Kurla Complex, Bandra (E), Mumbai 400 051

Scrip Code: 544055

Scrip Code: MUTHOOTMF

Dear Sir/Madam,

Sub: Declaration under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

With reference to Regulation 33(3)(d), the Company hereby declare that the Auditors Report issued by Mis. Suresh Surana & Associates LLP, Statutory Auditors of the Company along with the audited financial results for the year ended March 31, 2025 is with unmodified opinion.

Kindly take the same on records.

Thanking you,

Yours faithfully, For Muthoot Microfin Limited 1V Thomas Muthoot John Executive Director DIN: 07557585

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Emakulam

MUTHOOT MICROFIN LIMITED Cl N: L 65190M H 1992PL C066228 Regd. Office: 13 "floor, Pan nee Crescenzo, Sandra Kurta Complex. Sandra East. Mumbai. Maharashtra - 400051 Administrative· Office 5th Floor, Muthoot Towers. M G Road Koch1 Kerala - 682035, Tel: +91 -484-4277500. +91-484-4300127 F. +91-484-4300127 E: info@muthoolmicrofin.com www.muthootmicrofin.com

Suresh Surana & Associates LLP Chartered Accountants

Suresh Surana & Associates LLP

To, The Board of Directors Muthoot Microfin Limited 13[th ] Floor, Parinee Cresenczo, Sandra Kuna Complex, Sandra (East), Mumbai- 400051

8th Floor, Bakhtawar 229, Nariman Point Mumbai - 400 021, India T + 91 (22) 2287 5770

ema1ls@ss-associates.com www.ss-associates.com LLP Identity No. AAB-7509

in Independent Auditors' Certificate on Statement of 'Security Cover' as at 31 March 2025 terms of Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2015 (as amended) ("Regulations") for submission to the National stock Exchange of India Limited and BSE Limited (collectively, the "Stock Exchanges"), Catalyst Trusteeship Limited and Vardhman Trusteeship Private Limited (collectively, the "Debenture Trustees")

1. This certificate is issued in accordance with the terms of our engagement vide email dated 2 May 2025.

2. We have been requested by the management of Muthoot Microfin Limited ("the Company") to issue a certificate that, the particulars provided in the annexed Statement on Security Cover for its listed secured non-convertible debentures as at 31 March 2025 (the "Statement'') are correct, in accordance with the requirement of Master circular no. SEBI/HO/DDHS-PoD3/P/CIR/2024/46 dated 16 May 2024 issued by Securities and Exchange Board of India in terms of Regulation 54 read with Regulation 56(1 )(d) of the Securities and Exchange Board of India (listing Obligations and Disdosure Requirements) Regulations, 2015 (as amended) for submission to the Stock Exchanges and Debenture Trustees. The said Statement has been prepared by the Company's management and certified by the Chief Financial Officer of the Company. We have stamped on the Statement for identification purposes only.

Management's responsibility

1. The preparation of the Statement is the responsibility of the Management of the Company, including the preparation and maintenance of all accounting and other relevant supporting records and documents. This responsibility includes the designing, implementing, and maintaining internal control relevant to the preparation and presentation of the Statement and applying an appropriate basis of preparation; and making estimates that are reasonable in the circumstances. Further, the Management of the Company is responsible for ensuring that the Company complies with all the relevant requirements of the SEBI circular, SEBI Regulations, Companies Act, 2013 and other applicable laws and regulations, as applicable.

2. The Management is also responsible to ensure that Security Cover Ratio as at 31 March 2025 is in compliance with SEBI Master circular no. SEBI/HO/DDHS-PoD3/P/CIR/2024/46

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Registered Office: 308-309, Technopolis Knowledge Park, Mahakah Caves Road Andhen (E) Mumbai· 400 093. India. T +91 (22) 61915555

Suresh Surana & Associates LLP C ar e d A tants

dated 16 May 2024 as per the SEBI Regulations and as per the terms of Transaction Documents as given in Statement attached to this certificate.

Auditor's responsibility

1. Pursuant to the requirements as mentioned in paragraph 2 above, it is our responsibility to provide a reasonable assurance that:

2. a) the amounts appearing in the Statement are correctly extracted from audited financial statements for the year ended 31 March 2025 and other relevant records maintained by the Company; and

3. b} the Security cover available for the Debenture holders has been maintained in accordance with the Offer Document / Information Memorandum in respect of listed secured non-convertible debentures.

4. We have performed the following procedures in relation to the Statement. The procedures selected depend on our judgment, including the assessment of the risks associated:

5. a) Obtained and read the Information Memorandum and Debenture Trust Deed in respect of listed secured non-convertible debentures issued by the Company and noted the Security cover ratio required to be maintained by the Company in respect of such debentures;

6. b) Obtained and read the list of book debts charged as security in respect of the Debentures outstanding;

7. c) Traced the security charged with register of charges maintained by the Company and 'Form No. CHG-9' filed with Ministry of Corporate Affairs ('MCA');

8. d) Obtained the audited financial statements for the year ended 31 March 2025;

9. e) Traced the amounts forming part of the Statement with the audited financial statements as at and for the year ended 31 March 2025 and verified the arithmetical accuracy of the same;

10. f) Recomputed the Security Cover ratio and ensure the arithmetical accuracy of the Computation; and

11. g) Obtained necessary representation letter from the management.

12. The audited financial statements referred to in paragraph 5 above, have been audited by us, on which we issued an unmodified audit opinion vide our report dated 8 May 2025. Further, we have issued additional report addressed to the Board of Directors of the Company in compliance with the requirement of Master Direction DNBS. PPD.03/66.15.001/2016-17 dated 29 September 2016 and has not come across any exceptions that are required to be reported under paragraph 5 of the aforesaid Reserve Bank of India (RBI) Notification. Our audits of these financial statements were conducted in accordance with the Standards of Auditing referred to in Section 143(10) of the Companies Act, 2013 and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

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Suresh Surana & Associates LLP Chartered Accountants

1. We conducted our examination of the statement in accordance with the Guidance Note on Reports or Certificates for Special Purposes (Revised 2016) issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India.

2. We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

1. Based on our examination and the procedures performed as mentioned in paragraph 6 above, we hereby certify that :

2. a) the amounts appearing in the Statement are correctly extracted from audited standalone financial statements for the year ended March 2025 and other relevant records maintained by the Company; and

3. b) the Security cover available for the Debenture holders has been maintained in accordance with Offer Document I Information Memorandum in respect of listed secured non-convertible debentures.

Other Matter

1. As per para 3.1 (a) of the circular no. SEBI /HO / MIRSD / MIRSD_CRADT/COR/P/2022/ 67 dated 19 May, 2022, we are required to certify the book value of the assets, hence, we have not verified market value provided in the Statement of Security Cover (i.e. from Column K to Column 0) and accordingly, we do not express any opinion on the same.

Restriction on Use

1. This Certificate is issued at the request of the Management of the Company to comply with the aforesaid Regulations and may not be suitable for any other purpose and is intended solely and entirely for the above-mentioned purpose. Accordingly, our certificate should not be quoted or referred to in any other document or made available to any other person or persons without our prior written consent. Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior consent in writing.

For Suresh Surana & Associates LLP Chartered Accountants Firm's Reg No: 121750W/W100010 Rame� Partner Membership No.: 102306 Certificate No.: 24447 Place: Mumbai Dated: 8 May 2025 UDIN No.: .2510230 6 Gr1H KMW.50og-

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Mulhoot Mlcrofln Limited Annnure 1. Security Cover Ctrtlflatt as on JI March 25

Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25	Mulhoot Mlcrfn Limited Annnure 1. Scurity Cover Ctrtlflatt as on JI March 25
Colmn A Column B ColumnC �I Column 00 ParicuL,n D on of lCI for Exclui Excluive Ce whch Ihs cericate rlate Ce Db fr whchOhr Seue Dt ths c ale b�isuc Bk Value Bk Value ASETS Pr-· Plat an0-·'-· c.;tal Wol in " u lo: .. of Us All Gdwll lnt•-ible Aets lnt-l>lc AuCII uer D lo-t lnvtms Loa Bok Dts 535.55 7,5.0 (Rem Note I & Note 2) Le; l Ioa aOl U (7.98) (127.98) pr Ind AS lores Tradead othr re Cuh a Ca Pnuivalcnla Ban - othr thn Cuh and Faed Dpits 39.12 Cuh Eouivalcnll Oh C tax .ct. Oher f al 1SCU ad olhr mn finanil a ets Total (A) 527.57 Face Value In Column C LIA BlLITIES D a wit.i to whch 1h cenifcatc Lited Non Conble 493.80 69.86 ·-•i Dbtue(Rem No<c 3) Ohr debt 1lw p-p chrge with abve db Ohr D Subrdinate Dbt B'- l<Refe Note 4 & Note 5l 7 362.76 S D Stie __,ob•fl•d_ O Trae r�abcs Leae Lbties Prov ons Oh Toal (B) 493.80 7 42.62 Cover on Bk Value Conr on Market Value~~°~~ Erdu3ve 1.08 Seurity Cover Ratio Column E11 PaPwu Crge Db fr whch dU c a1c b� i ue Ye/No ~~-~~ ~~--~~ No No -~~-~~- ~~-~~ No No No No No No No No No No No No- Prl-P. u Seurity Cover Ratio Column F"'1 Pari Pau Cc Aell shred by pi - deb holder (includes deb for whch ths �critc is issu & othr deb with pi- chge) Bk Value Not Alicabe Column G1'1 PaP.u Cge Othr AHCI on whch th i ppu chle (ecludig itc: covred in colu) B k Value Column H l"I Aet1 not ofered u Seurity 76.77 145.68 0.17 354.34 1,215.58 (440.98) 70.94 697.25 76.40 2.16 ~~-~~ - 19.67 174.92 11.18 92.60 298.37 t In CrO Column I1' Colun1n J Column K Column L Cotumnff Colmn N I Column O <l•l Etion(l'otal C to II) Rebled to oly th0e item covere b th c are on (au i neative) Db aut Mict C/ b Mlet Valu C valu/ Total Value coniderd Valu for vlu fr excluivfor Pai Psubook vaue fr p (K+L+M+N) mr thn ACI chlrge a ts whechle Aetspusu che wets one(duc to chaed onmket vau i nt (�I whre maet vau excluv Excluiv aab or i oot acmable plu pr bsi •• applicabe. (Fo e.g. or abe. (For p u B1Babne, e.g. Ban B chae) OSRA mket value OSRA mke vaue i not •pplicabe) i no< apticabc) Relatlnto Column F 16.11- 145.6 0.17- 354.34 9,317.13 535.55 535.55 (576.94) ~~-~~ 70.94 697.25 472.52 29.16 10 857.02 - 535.55 - 535.55 56.6 493.80 493.80 ~~-~~ .. ,V�"" ,,�oc ~~-~~ :" 7,362.76 t ., ' "•--.oi ��I ~~r ~~rw• _·/ ' : 19.67 " 1-�:, _; 174.92 / _IU� "' .,.� - 11.18 lie V -,r'1 ��UMi� 92.6 ~~I~~ ,'~~.,~~ ._ 8,224.79 - 49JJO -"'�� > 1- 493.80 /. �[�· .. ,.�� I I' ~~,~~:v*� .. /� �- 17N\��� *
Colmn A Column B ColumnC �I ParicuL,n D on of lCI for Exclui whch Ihs cericate rlate Ce Db fr whch ths c ale b�isuc **Bk Value **			Column 00 Excluive Ce Ohr Seue Dt Column E11 PaPwu Crge Db fr whch dU c a1c b� i ue		Column F"'1 Pari Pau Cc Aell shred by pi - deb holder (includes deb for whch ths �critc is issu & othr deb with pi- chge)	Column G1'1 PaP.u Cge Othr AHCI on whch th i ppu chle (ecludig itc: covred in colu)	Column H l"I Aet1 not ofered u Seurity 76.77 145.68 0.17 Column I1' Colun1n J Column K Column L Cotumnff Colmn N I Column O <l•l Etion(l'otal C to II) Rebled to oly th0e item covere b th c are on (au i neative) Db aut Mict C/ b Mlet Valu C valu/ Total Value coniderd Valu for vlu fr excluivfor Pai Psubook vaue fr p (K+L+M+N) mr thn ACI chlrge a ts whechle Aetspusu che wets one(duc to chaed onmket vau i nt (�I whre maet vau excluv Excluiv aab or i oot acmable plu pr bsi •• applicabe. (Fo e.g. or abe. (For p u B1Babne, e.g. Ban B chae) OSRA mket value OSRA mke vaue i not •pplicabe) i no< apticabc) Relatlnto Column F 16.11- 145.6 0.17-
	**Bk Value **		Bk Value	Ye/No	Bk Value	B k Value
ASETS
Pr-· Plat an0-·'-·
c.;tal Wol in " u lo: .. of Us All				~~-~~
				~~-~~			145.68 0.17					145.6 0.17-
Gdwll				~~-~~
lnt•-ible Aets
lnt-l>lc AuCII uer D lo-t
lnvtms Loa Bok Dts (Rem Note I & Note 2) Le; l Ioa aOl U pr Ind AS		535.55	7,5.0 No				354.34 1,215.58					354.34 9,317.13 (576.94)		535.55	535.55
		(7.98)	(127.98) No		(440.98)
lores Tradead othr re			-		70.94 697.25 76.40
												70.94 697.25 472.52
Cuh a Ca Pnuivalcnla Ban - othr thn Cuh and Faed Dpits Cuh Eouivalcnll			39.12 ~~-~~-		697.25 76.40
Oh C tax .ct. Oher f al 1SCU ad olhr mn finanil a ets			~~-~~		2.16							29.16
												10 857.02	-
Total (A)		527.57
Face Value In Column C
LIA BlLITIES
D a wit.i to whch 1h cenifcatc Lited Non Conble ·-•i Dbtue(Rem No<c 3)		493.80	69.86 No					~~-~~				56.6		493.80 493.80
Ohr debt 1lw p-p chrge with abve db Ohr D	__,ob•fl•d_ 493.80		No No
Subrdinate Dbt			7 362.76 No No									~~-~~
B'- l<Refe Note 4 & Note 5l								-				7,362.76
S			No No No No No		19 174 11			.6 .9 .1
D Stie O
									7 2 8			19.67 174.92 11.18
Trae r�abcs Leae Lbties
Prov ons			No
Oh Toal (B)			7 42.62 No-		92 298			.6 .3	0 7			92.6 8,224.79
Cover on Bk Value
Conr on Market Value~~°~~
	Erdu3ve Seurity Cover Ratio		1.08 Prl-P. u Seurity Cover Ratio		Not Alicabe

m mutho·ot MICROFIN

Footnote to Asset Cover certificate

(Q This column shall include book value of assets having exclusive charge and outstanding book value of debt for which this certificate is issued.

(ii) This column shall include book value of assets having exclusive charge and outstanding book value of all corresponding debt other than column C.

(iii) This column shall include debt for which this certificate is issued having any pari passu charge - Mention Yes, else No.

(Iv) This column shall include a) book value of assets having pan-passu charge b) outstanding book value of debt for which this certificate is issued and c). other debt sharing pari- passu charge along with debt for which certificate is issued.

(v) This column shall include book value of all other assets having pari passu charge and outstanding book value of corresponding debt.

(vi) This column shall include all those assets which are not charged and shall include all unsecured borrowings including subordinated debt and shall include only those assets which are paid-for.

(vii) In order to match the liability amount with financials, it is necessary to eliminate the debt which has been counted more than once (included under exclusive charge column as also under pari passu). On the assets side, there shall not be elimination as there is no overtap.

(viii) Assets which are considered at Market Value like Land, Building, Residential/ Commercial Real Estate to be stated at Market Value. other assets having charge to be stated at book value/Carrying Value.

(ix) The market value shall be calculated as per the total value of assets mentioned in Column 0.

Notes:

1. Loans referred in Column F is net of ECL provisions and includes principal outstanding, interest receivable and IND AS adjustment.

2. Debt Securities to which this certificate pertains includes Principal Outstanding + Interest Accrued + IND AS Adjustment).

3. Borrowings is represented as (Principal Outstanding + Interest Accrued + IND AS Adjustment).

4.lncludes Rs. 755 Crores of borrowings drawn as at end of March 2025 on which securitry creation is under progress as per terms agreed with lenders.

1. Security covered ratio Is calculated only for debt for which this certificate Is Issued.

For Muthoot Microfin Limited

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Place: Date:

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m ·o·ot mutli MICROFIN

	A. Statement of utilization of issue proceeds	A. Statement of utilization of issue proceeds	A. Statement of utilization of issue proceeds	A. Statement of utilization of issue proceeds	A. Statement of utilization of issue proceeds
Name of the Issuer	Mode o Fund Raising Type ISIN (Public of issues/ instru Private ment placement)	Amount Funds Date of raising Raised utilized funds (fin �in Cr.) Cr.)		Any deviation (Yes/ No)	If 8 is Yes, then specify the purpose Remarks, of for if any which the funds were utilized
I	2 3 4	5 6	7	8	9 10
	INE046W07172 INE046W07 I 80 INE046W07230 INE046W07230 Private INE046W07248# placement NCO INE046W07255& INE046W07263s INE046W07271	27-05-2022 38.00 03-06-2022 112.00	38.00 112.00	No No	NA NA
	INE046W07230*	27-01-2023 100.00 09-02-2023 100.00	100.00 100.00	No No	NA NA
	INE046W07230*
	INE046W07248#	05-06-2023 150.00 150.00 07-07-2023 75.00 75.00		No No	NA NA
	INE046W07255&
	INE046W07263s	01-08-2023 75.00	75.00	No	NA
	INE046W07271	06-08-2024 66.4	66.4	No	NA
		716.4	716.4

• Note 1- The ISrN has been partly redeemed on 31-01-2024, 31-07-2024 & 31-01-2025 and the outstanding balance as on Mar 31,2025 is Rs 40 Crores for each tranche.

Note 2- The fSrN has been partly redeemed on 31-05-2024 & 30-11-2024, and the outstanding balance as on Mar 31 ,2025 is Rs 89.91 Crores. (also put option for 15 NCDS' have exercised)

& Note 3 - The ISrN has been partly redeemed on 30-09-2024, 31-12-2024, & 31-03-2025 and the outstanding balance as on Mar 31,2025 is Rs 46.88 Crores.

$ Note 4 - The ISrN has been partly redeemed on 31-10-2024 & 31-01-2025 and the outstanding balance as on Mar 31,2025 is Rs 56.25 Crores.

MUTHOOT MICROFIN LIMITED CIN: L65190MH1992PLC066228

Regd. Office 13 'floor, Pannee Crescenzo, Sandra Kurla Complex. Sandra East. Mumbai, Maharashtra • 400051 Administrative· Office 5th Floor, Muthoot Towers.MG Road, Kochi Kerala • 682035. Tel +91 -484-4277500, +91-484-4300127, F +91-484-4300127 E: info@muthootmicrofin.com .com www muthootm,crofin

m ·o'ot mutli MICROFIN

		**A. **	Statementof utilization of	Statementof utilization of	issue proceeds	issue proceeds
								Any	If8 is
								deviation	Yes,
									then
									specify
ame of the Issuer	ISi	ModeoFund Raising(Public issues/ Private placement)	Type of instrument	Dateof raising funds	Amount Raised ($in Million.)		Funds utilized ($ in Million.)	(Yes/ o)	the purpose of for which	Remarks, if any
									the
									funds
									were
									utilized
I	2	3	4	5	6		7	8	9	10
Muthoot Micro fin Ltd	INfFDl8050l6	Private Placement	USD Denominated Bond	21-08- 2024		12	12	0	NA	Nil
Muthoot Microfin Ltd	INTFD 1805024	Private Placement	USD Denominated Bond	28-10- 2024		3	3	0	A	ii
						15	15

For Muthoot Microfin Limited �� Thomas Muthoot John Executive Director DIN: 07557585

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...,UTHOOT MICROFIN LIMITED CIN L6519Or'AH1992PLC066228 :J.ei.Jd Offi I U'J'H001:Mf<tRGAN BIMiTeOr "-0r11::,lex Sandra East t.4�mbal l.\a'laras/'tra - 40 0 51 CIN:L65190MH1992PLC066228

Regd Office 13 :"floor, Pannee Crescenzo Sandra Kuna Complex Sandra East Mumba, Maharashtra• 400051 Administrative: Office 5th Floor, Muthoot Towers, MG Road, Koch1 Kerala - 682035, Tel +91 -484-4277500, +91-484-4300127 F +91-484-4300127 E mfo@muthootm1crofin.com .com www muthootm1crofin

m t mutli"t,o MICROFIN

B. Statement of Deviation/ Variation in use of Issue Proceeds	B. Statement of Deviation/ Variation in use of Issue Proceeds
Particulars	Remark
Name of listed entity	Muthoot Microfn Limited
Mode of fund raising	Privateplacement
Type of instrument	Non-convertible Debentures & USD Denominated Bond
Date of raisingfnds	Asper Part A
Amount raised	As per Part A - Rs. 716.4 crore & 15 Million dollar
Report fled frquarter ended	31stMarch 2025
Is there a deviation/ variation in use of fnds raised?	No
Whether any approval is required to vary the obects of the issue stated in the prospectus/ ofer document?	No
Ifyes,details of the approval so required?	NA
Date of approval	NA
Explanation fr the deviation/ variation	NA
Comments of the audit committee afer review	NA
Comments of the auditors,if any	NA
Objects fr which fnds have been raised and where there has been a deviation/ variation, in the fllowing table:
Not Applicable Deviation could mean:
a. Deviation in the objects orpurposes fr which the funds have been raised.
b. Deviation in the amount of funds actuallyutilized as against what was originallydisclosed.

For Muth rofin Limited � � Thomas Muthoot John Executive Director DIN: 07557585

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MUTHOOT MICROFIN LIMITED CIN.L65190MH1992PLC066228 Regd Office 13 'floor, Pannee Crescenzo, Bandra Kurla Complex. Bandra East, Mumbai, Maharashtra - 400051 Administrative Office 5th Floor Muthoot Towers. MG Road Koch Kerala - 682035, Tel +91 -484-4277500 +91-484-4300127 F +91-484-4300127 E 1nfo@muthootrnicrofin.com .com www muthootm1crofin