Muthoot Capital Q2 net at Rs 2.5 cr

Muthoot Capital Services Limited (MCSL) registered 46.2 per cent increase in net profit to Rs 2.5 crore in September quarter of 2010-11, as against Rs 1.71 crore in the corresponding quarter of last year. The total income of the company increased to Rs 8.99 crore during the quarter from Rs 5.21 crore, registering a growth of over 72 percent, according to a company release.  

The interest expenditure touched Rs 2.57 crore in the reporting quarter from Rs 1.54 crore last year, recording an increase of 66.8 percent. The operational expenses jumped more than 150 percent, from Rs 1.06 crore to Rs 2.66 crore. Due to cost control measures adopted by the company, the profit before tax recorded a rise of 43.8 per cent from Rs 2.6 crore to Rs 3.74 crore.

The company is going ahead with its plans to go for a rights issue of shares on 1:1 basis, as has already been decided by its board. The company is planning to file the draft offer letter before Sebi by the end of this month, with the issue planned for January/February 2011.