Muthoot Capital Q2 net rises 15% to Rs 6 crore

MUMBAI: Muthoot Capital Services, the only listed entity in the Muthoot Pappachan Group, today reported a 15 per cent rise in net profit for the September quarter at Rs 6.2 crore.

The total income of the Kerala-based company increased to Rs 56.50 crore during the quarter, up 21 per cent. Finance expenses rose 12 per cent to Rs 21.7 crore during the reporting period, while other expenses increased to Rs 25.27 crore, recording an increase of 30 per cent, Managing Director Thomas George Muthoot said.

He said the company will continue to focus on two-wheeler loans and the portfolio stood at Rs 359.21 crore, while the total loan book increased to Rs 914.33 crore, up 27 per cent from Rs 718.7 crore.

"While the company continues to focus on two- wheeler financing, we have already added car loans, top-up loans etc to boost business. We already have presence in the northern and eastern states and plans are in place to expand the business," Muthoot said.