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Muthoot Capital Services Ltd (MCL) has reported 110 per cent growth in its net profit at Rs 4.93 crore in Q1 against Rs 2.35 crore in the corresponding period last year.
The company also registered a substantial increase in the revenue to Rs 22.17 crore as compared to Rs 12.23 crore for the corresponding period last year, thus recording an increase of 81 per cent.
During the quarter, the total loan portfolio increased to Rs 329.23 crore from Rs 199.33 crore in the corresponding quarter last year, recording an increase of 65 per cent. At present the company has more than 1.50 lakh borrowers, mainly under the two-wheeler category.
The shareholders also approved the dividend of Rs 3.5 a share (35 per cent) in the AGM. The substantial dividend is a reflection of the superior performance of MCL during the financial year 2011-12.
Mr Thomas George Muthoot, Managing Director, Muthoot Capital Services Ltd said: “Despite challenging business scenario — high interest rate regime, rise in fuel prices, and reduced off take of vehicles; we have succeeded in reporting robust growth. Introducing cost efficiencies and efficient use of technology has stood by us in good stead.”
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