Muthoot Capital Services Q1 net profit up 110%

India Infoline News Service | Mumbai |

During the quarter, the total loan portfolio of the Company increased to Rs. 329.23 Crores from Rs. 199.33 crores in the corresponding quarter last year, recording an increase of 65%.

Muthoot Capital Services Ltd. has announced its financial results for quarter ended June 30, 2012 reporting 110 % growth in net profit to Rs. 4.93 crores as compared to Rs. 2.35 crores in the corresponding period last year.
 
The unaudited financial results of Muthoot Capital Services Limited, (a listed entity of the Muthoot Pappachan Group) for the quarter ended 30th June 2012 has registered a substantial increase in the revenue to Rs. 22.17 crores as compared to Rs. 12.23 crores, for the corresponding period last year, thus recording an increase of 81%.
 
During the quarter, the total loan portfolio of the Company increased to Rs. 329.23 Crores from Rs. 199.33 crores in the corresponding quarter last year, recording an increase of 65%. At present the Company has more than 1.50 lakhs borrowers, mainly under the 2 wheeler category.
 
The shareholders of Muthoot Capital Services Ltd (MCL) have also approved the dividend of Rs. 3.5 per share (35%) in the Annual General Meeting held today, as recommended earlier by the board. The substantial dividend is a reflection of the superior performance of MCL during the financial year April 2011 to March 2012.
 
Thomas George Muthoot, Managing Director, Muthoot Capital Services Limited 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.”
 
The Muthoot Pappachan Group is seeing very strong growth in various verticals like Vehicle, Housing and Micro Finance, Two Wheeler Dealerships, Hospitality, Alternate Energy; the gold loan business is gearing well to the challenges and the Group as a whole is set to achieve substantial milestones in this fiscal.  

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