Muthoot Capital Services has logged an increase of four per cent in net profit to Rs 5.34 crore during the third quarter from Rs 5.14 crore of the corresponding quarter last year.
Total income increased 17 per cent to Rs 47.29 crore (Rs 40.42 crore) as per unaudited results approved by the board at its meeting here.
The company is engaged in two wheeler financing and has already disbursed 94,065 loans amounting to Rs 393 crore during the nine months ended December 31, 2014.
The total number of borrowers as on date stood at 2.69 lakh with a total outstanding loan amount of Rs 741 crore.
Thomas George Muthoot, Managing Director, said that the company has managed to maintain the profitability in spite of adverse market conditions.
Its focus on providing credit to the needy in the rural and semi urban areas would continue.
R Manomohanan, CEO, hoped that the company would be able to perform better in the coming months with an expected revival in the economy and the resulting increase in demand.
In other details with respect to the quarterly performance, interest expenditure increased 19 per cent to Rs 18.65 crore (Rs 15.63 crore a year ago) while total expenses rose 20 per cent to Rs 39.17 crore. Profit before tax too recorded an increase of four per cent Rs 8.12 crore during the corresponding period.
A more or less similar trend has been noticed in terms of its performance during the first nine months of the fiscal year ending as on date.
As a result, the net profit for the period remained almost stagnant at Rs 16.14 crore (Rs 16.25 crore).