Kotak Mahindra Q1 Net Down 9% To Rs 14 Crore

Kotak Mahindra Finance Ltd (KMFL) posted a 8.71 per cent dip in net profit for the quarter ended June 30, 2001, to Rs 13.73 crore against a net profit of Rs 15.04 crore for the corresponding period of the last fiscal.

The NBFC's net income, however, was up by 3.01 per cent to Rs 46.56 crore against Rs 45.20 crore during the first quarter of 2000-01.

Other income dipped by 7.18 per cent to Rs 11.78 crore against Rs 12.69 crore during the corresponding period of the last fiscal.

Total expenditure during the quarter went up by 9.09 per cent to Rs 9.80 crore compared with Rs 8.98 crore during the corresponding period of the financial year.

The rise in total expenditure was mainly on account of increased staff costs, which went up by 29.47 per cent to Rs 3.74 crore from Rs 2.89 crore during the corresponding period of the last financial year.

The company, however, cut down its advertisement expenditure by 52.75 per cent to Rs 27.30 lakh during the first quarter of 2001-02 against Rs 57.21 lakh during the corresponding period of the last financial year.

The non-banking finance company has raised the bad loan provisions by 156.59 per cent to Rs 4.25 crore from Rs 1.66 crore during the corresponding period of the last financial year.

Interest and bank charges declined to Rs 12.72 crore in the first quarter from Rs 16.53 crore in April-June 2000.