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Muthoot Capital net rises 35%

Our Bureau Kochi | Updated on February 02, 2011

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Muthoot Capital Services Ltd has recorded a 35 per cent growth in its net profit at Rs 232.26 lakh during the quarter ended December 31, against Rs 172.56 lakh in the corresponding period last year.

The profit before tax recorded an increase of 33 per cent from Rs 261.60 lakh during the quarter ended December 31, 2009, to Rs 347.35 lakh for the quarter ended December 31, 2010.

The total income from operations increased to Rs 994.95lakh from Rs 556.99 lakh, registering a growth of 79 per cent. At the same time, the expenditure other than interest expenditure went up to Rs 336.95 lakh from Rs 132.64 lakh, which amounted to an increase of 154 per cent. The substantial increase in non-interest expenses has been mainly on account of the additional provisioning of 0.25 per cent of all standard assets introduced recently by RBI. The provisioning made by the company under this has been a hefty Rs 36.29 lakh.

The interest expenses increased to Rs 310.65 lakh from Rs 162.75 lakh in the corresponding quarter, which is an increase of 90 per cent. Thus, the total expenses during the quarter recorded an increase of up to Rs 647.60 lakh compared with Rs 295.39 lakh for the corresponding quarter last year, recording an increase of 119 per cent.

The company has been able to maintain the growth in all sectors, resulting in considerable increase in the revenues. Auto loan products are well received in the market and the company is poised to become the leading player in the four southern States in automobile financing by the end of 2012, Mr R. Manomohanan, Chief Executive Officer, said in a statement.

Published on February 02, 2011

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