Muthoot Capital Services reports highest quarterly profit of Rs 8.06 crore

KOCHI: Higher two-wheeler sales and better geographical reach helped the Muthoot Capital Services Limited (MCS), part of the 129-years-old Muthoot Pappachan Group, to report Rs 8.06 crore profit for the second quarter of financial year, registering the highest quarterly profit so far for the company.

According to the unaudited financial results, the profit for the quarter ending September 30, 2016 rose 30% over the corresponding quarter of the previous year, from Rs 6.18 crore to Rs 8.06 crore, despite the Company having moved to a reduced four-month norm for determining NPAs. The total income for the quarter under review touched Rs 70.08 crore, against Rs 56.50 crore for the corresponding quarter of the previous year, showing a growth of 24%.

The company disbursed two wheeler loans of Rs 106 crore in September 2016, crossing the Rs 100 crore mark in a single month for the first time. The total Asset Under Management, including the managed portfolio of Rs 88 crore, reached Rs 1170 crore at the end of the quarter.