Muthoot Capital Services Ltd has posted a net profit of ₹78 crore during the year ended March 31, 2023. The company reported a net profit of ₹26 crore for the fourth quarter against a loss of ₹152 crore shown in the corresponding quarter previous year.
The total income increased to ₹115.6 crore during the quarter from ₹109.16 crore during the same period last year, registering a growth of 7 per cent.
The amount disbursed saw a Y-o-Y increase of 15 per cent from ₹1,147 crore to ₹1,318 crore. The total AUM reached ₹2,102 crore, including DA portfolio of ₹4.89 crore.
Thomas George Muthoot, Managing Director, Muthoot Capital Services Limitedsaid, “We have bounced back from the losses we have suffered in the last financial year. The company has delivered improvement in all the key metrics, registered a robust growth in income as well as profitability with high ROE. Our NNPA are below industry average, the Post covid book has performed exceptionally well and the target for this year is to grow more sourcing channels in this year as we have already established our Co-lending business and looking forward to add more partners. We believe MCSL will continue to deliver sustained growth and profitable book in the following quarters as well”
Mathews Markose, Chief Executive Officer, said, “Last year was one of consolidation for us, where we could successfully bring down our Net NPA levels below the industry average. We expect the two wheeler industry to bounce back to pre-covid levels this year, which will act as tailwinds for our next phase of growth. We are also diversifying our product portfolio and bringing in more focus on used car business.
Ramandeep Gill, Chief Finance Officer saidthe contribution from the new sourcing channels such as co-lending have turned out exceptionally well and we will continue to grow by adding new partners. The focus will be on improving efficiencies through technology changes in the quarters to come.