Kmfl Q3 Net Profit Up 4.2% To Rs 11.29 Cr

Kotak Mahindra Finance Ltd (KMFL) has posted a 4.2 per cent rise in its profit after tax (PAT) for the third quarter ended December 31, 2002, at Rs 11.29 crore, up from Rs 10.83 crore in the corresponding quarter of the previous year.

KMFL took on record the unaudited results for the third quarter of the financial year 2002-2003 at a board meeting held in Mumbai today. The profit before tax (PBT) for the quarter is higher by 5.4 per cent at Rs 16.69 crore (Rs. 15.83 crore).

KMFL has recorded 24 per cent increase in gross income for the quarter at Rs 57.76 crore.

 

The expenditure during the quarter includes expenses incurred and provided for towards conversion of the company to a commercial bank and those relating to the merger of investment companies.

A KMFL press release said that the company is taking various steps in its process of conversion to a commercial bank and expects to commence banking operations shortly. It received an in principle approval from the Reserve Bank of India to become a bank.

Commenting on the results, Uday Kotak, vice chairman and managing director, Kotak Mahindra, said: