Kochi, May 6: Muthoot Capital Services Ltd, an NBFC of the Muthoot Pappachan group, has registered a 40 per cent jump in net profit at Rs 21.76 crore in the fiscal ending March 31, 2013. The company's net profit stood at Rs 15.51 crore in 2011-12.
The company plans to enter tractor financing and used car financing in the current year, Managing Director Thomas George said while announcing the results.
“We are also planning to extend our reach to Rajasthan, Punjab and Madhya Pradesh during the year,” he said.
The total revenue for the year reached Rs 107.22 crore compared to Rs 67.35 crore in the previous year, recording a growth of 59 per cent. Total loan disbursement for the year ending March 31 jumped 49 per cent to Rs 431.16 crore from Rs 288.45 crore in the year-ago period.
The company's board also recommended a 40 per cent dividend.
The company's profit for the quarter ending March 31 grew 3 per cent to Rs 6.58 crore against Rs 6.39 crore in the corresponding quarter last year. Total revenues during the quarter increased to Rs 32.61 crore, compared to Rs 23.69 crore.
The company would continue focussing on financing two-wheelers and three-wheelers. There were also plans to foray into tractor financing and used car financing in the current year.
The firm's foray into three-wheeler financing in tie-up with Mahindra and Piaggio was a major milestone during the year, he said.
Eyeing the rural market, he said it was estimated to grow rapidly and the company was aiming to become the number one financier in the segment.
While the company's monthly average loan disbursal during 2012-13 stood at Rs 36 crore, disbursal reached Rs 60 crore in March 2013, CEO Muthoot Capital Services Ltd, R. Manomohanan, said.
The company would launch next month a scheme of extending 100 per cent loans to customers of two- and three-wheelers and tractors by taking gold as margin money.
