by NR INDRAN / INT

The audited financial results of Muthoot Capital Services Limited, part of the Muthoot Pappachan Group, for the quarter ended 30th September, 2012 reveals substantially higher performance compared to the corresponding period last year. The Board of Directors of the Company which met here today approved the audited financial results of the Company for the quarter and the half year ended 30th September 2012.

The July – September Q2 net profit increased to Rs.5.07 crores from Rs.3.38 crores, recording an impressive growth of 50%, compared to the second quarter last year.

Due to the cost control measures adopted by the Company, the profit before tax recorded a jump of 42.80 % to Rs. 7.24 crores as compared to Rs. 5.07 crores, during the corresponding period last year.

Mr. Thomas George Muthoot, Managing Director, said: “Despite the challenging economic environment, the financial performance during the quarter has been superior, owing to twin factors – healthy asset quality and control on expenditure. Our aim is to provide efficient service to our ever-increasing customer base in the future.”

The Total Income of the Company increased to Rs.24.63 crores during the quarter ended 30th September 2012, as compared to Rs.14.75 crores during the corresponding period last year, registering a growth of 66.98%.

The Interest expenditure during the quarter increased to Rs.8.58 crores as compared to Rs.4.53 crores during the corresponding quarter last year, recording an increase of 89.40%. The operational expenses during the corresponding period recorded an increase of 71.07 %, to Rs.8.81 crores as compared to Rs.5.15 crores.

Considering the cumulative performance for the two quarters in the half-year ended 30th September 2012, the net profit during the April – September 2012 half year increased 74.22% to Rs 10 crore as compared to Rs. 5.74 crores during the corresponding half year, last year.

The Company achieved a total income of Rs. 46.80 crores for the half year, as compared to Rs.26.98 crores during the corresponding period last year, recording a growth of 73.46%.

The interest expenses during the period increased to Rs.15. 77 crores, as compared to Rs. 9.05 crores, which is an increase of 74.25%. The operational expenses rose to Rs 16.23 crores as compared to Rs. 9.33 crores, representing an increase of 73.95%.

The profit before tax increased 72.08% to Rs 14.80 crores as compared to Rs 8.60 crores during the corresponding H1 last year.

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