Muthoot Capital net profit doubles

Muthoot Capital Services Limited has reported a two-fold increase in its net profit, to Rs 4.93 crore as compared with Rs 2.35 crore in the corresponding period last year.

Revenues were up 81 per cent to Rs 22.17 crore from Rs 12.23 crore last year. During the quarter, total loan portfolio increased to Rs 329.23 crore from Rs 199.33 crore, up 65 per cent.

Thomas George Muthoot, managing director, said despite challenging business scenario — high interest rate regime, rise in fuel prices, and reduced offtake of vehicles — the company recorded robust growth due to cost efficiencies and efficient use of technology.

The company has also approved the dividend of Rs 3.5 per share (35 per cent) recommended earlier by the company’s board of directors.