February 21, 2023: A meeting of the Muthoot Capital Services Limited (MCSL), one of India’s fastest growing NBFCs and the listed entity of Muthoot Pappachan Group, (also known as Muthoot Blue), was held on 9th February 2023 to consider and approve the unaudited standalone results for the quarter ended December 31, 2022. The company posted a net profit of INR 52 crores, during the nine months ended December 31, 2022.
As per the unaudited financial results, as approved by the Board of Directors, the net profit during the quarter, increased from INR 4.52 Crores to INR 19.66 crores, recording a growth of 335% from the same period last year. The total income increased to INR 112.8 crores during the quarter ended 31st December 2022, from INR 93.01 crores during the same period last year, registering a growth of 21%.
For the Nine months ending December 2022, the Company reported a net profit of Rs 52.27 crores against Rs 18.32 crores loss for the same period in the last year, which marked a growth of 385%. The amount disbursed saw a Y-o-Y increase of 32% from INR 779 crores for the nine months ended 31st December 2021 to INR 1030 crores for the period ended 31st December 2022. The total AUM (Assets under Management) reached INR 2141 crores, including DA portfolio of INR 4.6 crores. The earnings per share rose from INR -11.37 to INR 32.05.
Commenting on the results, Mr. Thomas George Muthoot, Managing Director, Muthoot Capital Services Limited said, “Muthoot Capital Services Limited has sustained its growth in line with the growth in two-wheeler industry. Company has delivered improvement in all the key metrics, registered a robust growth in income as well as profitability with high teen ROE. Our resolute in building quality portfolio besides leveraging the network of our flagship company Muthoot Fincorp Limited and Co-Lending partnerships has helped. We believe MCSL will continue to deliver sustained growth and profitable book in the following quarters as well.”
Mr. Madhu Alexiouse, Chief Operating Officer, Muthoot Capital Services Limited said, “MCSL is committed to deliver strong results as in the past and we have recalibrated our business and credit strategy to compete across the customer segments. There had been strong focus on business hygiene to deliver robust book. The collections had been very encouraging and gives us the confidence that we would be able to sustain and continue to deliver profitable results.”
Mr. Ramandeep Gill, Chief Finance Officer, Muthoot Capital Services Limited said, “The overall aim is to deliver a profitable business to the stakeholders, at the same time continuously monitoring the asset quality. With the overall improvement in the Collections, we are heading towards creating a strong business which will be a blend of caution and growth.”
About Muthoot Capital Services Limited
Muthoot Capital Services Limited (MCSL) is the listed entity of Muthoot Pappachan Group. A Non-Banking Financial Company (NBFC) listed on the BSE and NSE, MCSL offers financial solutions including Vehicle Loans (2 wheeler and used 4-wheeler loans). MCSL is active in retail financing and caters to the requirements of borrowers both in rural and semi-urban areas. The Company's direct approach helps arrive at solutions that best suit the financial requirements of individuals and small entrepreneurs. The Company, being a deposit taking ‘Category A’ NBFC, also accepts deposits from public at attractive rates of interest. The company is currently servicing customers in 20 states and has a strong presence with Hero and Honda, which together contribute more than 75 % of the total business. The Company is also sourcing its customers from Muthoot Fincorp branches which is spread across the entire country.
About Muthoot Pappachan Group
Muthoot Pappachan Group (MPG), the much-diversified business conglomerate, has been providing solutions, services and expertise to millions of customers across the country in various domains like Financial Services, Automotive, Real Estate and Infrastructure, Hospitality, IT Services, Security Services, Precious Metals and Alternate Energy. Over the years, Muthoot Pappachan Group has grown to become a significant entity in the Indian business landscape. Muthoot Pappachan Group is one of the largest employers in the country and endeavours to give a family-like work environment to its employeess. The group’s customer-centric approach and innovation in terms of new products that cater to changing customer needs, have helped in gaining the loyalty of innumerable customers, as well as attracting new ones. The Group adopts the latest technology and new ways of catering to the needs of customers, coupled with an uncompromising stand on values, principles and ethics.
Do visit us at https://www.muthootcap.com/ to know more.
