Muthoot Finance FY15 net profit falls 14% to Rs 671 crore

Muthoot Finance, the country's largest gold financing company, today reported 14 per cent decline in net profit for 2014-15 fiscal at Rs 671 crore.
The company had posted a net profit of Rs 780 crore in the 2013-14 fiscal, Muthoot Finance said in a filing to the BSE.
Total income during the fiscal ended March 2015 declined by 13 per cent to Rs 4,325 crore as against Rs 4,947 crore for the fiscal ended March 2014.
"The company's profit of Rs 671 crore for the whole year is a significant achievement considering the adversities it went through. The business is back on track with loan growth consistently in the last three quarters.

"Profits for the full year were also impacted due to higher depreciation provision necessitated by the new Companies Act," the filing quoted the company's Managing Director George Alexander Muthoot as saying.