Muthoot Capital Q3 net at Rs 5 cr

Expenses increased from corresponding period's Rs 18.92 cr to Rs 32.63 cr

Muthoot Capital Services Limited (MCSL) recorded a net profit of Rs 5.15 crore for the quarter ended in December, 2013 as against Rs 5.16 crore recorded during the same period of 2012-13.

There is a minor increase in the gross profit of the company at Rs 7.80 crore as against Rs 7.65 crore. Gross revenue increased to Rs. 40.43 crore, compared to Rs. 26.57 crore for the corresponding quarter last year, recording an increase of 52%.

Expenses during the corresponding period increased from Rs.18.92 crore to Rs.32.63 crore for the quarter ended 31.12.2013, which is an increase of 72%.

This restricted the gross profit to Rs. 7.80 crore, a press release said. Net profit of the company is also in line with profit recorded in the previous quarter ended 30.09.2013 (Q2) which amounted to Rs.5.13 crore.

For the 9 months period ended, 31.12.2013, total income recorded an impressive jump of 54% to Rs.113.25 crore from Rs.73.38 crore. However, the expenses during the corresponding period increased from Rs.50.93 crore to Rs.88.21 crore recording an increase of 73%. The gross profit for the period increased 12%, from Rs. 22.45 crore to Rs. 25.04 crore. Net profit increased 7% from Rs. 15.16 crore to Rs. 16.25 crore.

Thomas George Muthoot, Managing Director said that the loan disbursal stands at Rs 403 Crore, a growth of 45%, compared to Rs 278 cr for the period last year.

Non-fund based activities laying equal emphasis on the corporate and non corporate sectors. MCSL has a customer base of 2.25 lacs and a loan book size of Rs. 625 crore.