Muthoot Capital Services Ltd has posted a net profit of ₹18.03 crore for Q1 of FY24, a growth of 26 per cent for the same period last year.

The total income for the quarter touched ₹107 crore and the company disbursed loans amounting to ₹200 crore during the quarter. The total AUM (assets under management) reached ₹1,996 crore.

Thomas George Muthoot, Managing Director, Muthoot Capital Services, said, “With the festive season coming up, we expect a significant growth in the industry. In the current quarter, we have added more partners enabling us to cover more geographies across the country. We have also worked on diversification of products which will become strong contributors a year down the line. The overall recovery has been good, and we have been able to bring down the net NPA further. We will continue to deliver strong results with sustained growth in the coming quarters as well with technology being key focus in every aspect of our operations.”

Mathews Markose, Chief Executive Officer of the company, said,“We have made a strong start in Q1. We are well equipped to ride this wave with a strong presence in retail and a growing network of partnerships on co-lending to supplement that. The new product lines that we have added such as used cars and personal loans will also stabilise in Q2 and contribute to the top-line. The various new initiatives that we have taken on setting up the collections infrastructure will stand us in good stead on building a quality portfolio.”