Kochi: The unaudited financial results of Muthoot Capital Services Limited, part of the Muthoot Pappachan Group, reveals continued good performance for the quarter ending September 30, 2014. The Board of Directors of the Company which met here approved the financial results of the Company for the quarter and the half year ending September 30, 2014.
The Company recorded net profit of Rs.5.39 crores for the second quarter of financial year 2014-2015. The net profit for the corresponding quarter last year was Rs. 5.13 crores. The total income of the Company increased to Rs.46.82 crores during the quarter ended September 30, 2014, as compared to Rs.37.99 crores during the corresponding period last year. The profit before tax for the second quarter was Rs. 8.16 crores as compared to Rs. 8.15 crores during the corresponding period last year.
Considering the cumulative performance for the two quarters in the half-year ended September 30, 2014, the Company achieved a total income of Rs. 92.02 crores compared to Rs.72.83 crores for the corresponding period last year. The profit before tax for the half year is Rs. 16.32 crores compared to Rs 17.24 crores for the corresponding H1 last year. The Company recorded net profit amounting to Rs 10.80 crores for H1 2014-15 compared to Rs. 11.11 crores for the corresponding period last year.
“The Company is mainly into financing purchase of two wheelers at present. The Company has been able to continue its good performance in spite of the declining trend in the markets present, due to its strong brand value and extreme customer focus” said Thomas George Muthoot, MD of Muthoot Capital Services.
“To increase the business levels substantially, the Company is planning to add other loan products like lease financing and top-up / personal loans in addition to financing purchase of second hand cars”, said R Manomohanan, CEO of the Company.
Muthoot Capital Services Ltd. (MCSL) is the first listed entity of Muthoot Pappachan Group. A Non Banking Financial Company (NBFC) listed on the Bombay Stock Exchange, MCSL offers financial solutions including Vehicle Loans (two wheeler loans). MCSL is presently active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas.
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