Muthoot Capital Services, a non-banking financial institution, has reported a profit of INR 25.96 crore for the quarter ended March. This marks a significant turnaround for the listed entity of Pappachan Group, which had reported a loss of INR 151.83 crore in the same period last year. The company’s total income also witnessed a 7% growth, reaching INR 115.6 crore in the reporting quarter compared to INR 109.16 crore in the previous year.
For the full fiscal year, Capital Services recorded a net profit of INR 78 crore, a substantial improvement from the loss of INR 161 crore reported in FY22. The amount disbursed during FY23 increased by 15% to INR 1,318 crore in the financial year ending on March 31. Furthermore, the company’s total assets under management reached INR 2,102 crore as of March 31.
Thomas George Muthoot, the managing director of Muthoot Capital Services, expressed satisfaction with the company’s performance, highlighting the improvement in key metrics, significant growth in income, and enhanced profitability. He emphasized that the company’s net non-performing assets remain below the industry average, and the post-Covid loan book has performed well. Muthoot added that FY23 was a year of consolidation for the company.
Mathews Markose, the chief executive of Muthoot Capital Services, echoed Muthoot’s sentiments, recognizing FY23 as a year focused on consolidation. The company has strategically strengthened its position and focused on optimizing its operations to ensure stability and sustained growth.
Muthoot Capital Services, a renowned player in the financial services sector, offers a range of lending solutions to cater to diverse customer needs. The company’s positive financial results reflect its ability to navigate challenges and capitalize on opportunities in the market. Muthoot Capital Services has maintained a strong track record of prudent lending practices and effective risk management, enabling it to deliver consistent profitability.
The robust financial performance and improved profitability of Muthoot Capital Services indicate the company’s resilience and adaptability in a dynamic market environment. With a focus on consolidation and a strong foundation, the company is well-positioned to capitalize on future growth opportunities and provide value to its stakeholders.
In addition to the improved profitability, Muthoot Capital Services has also witnessed steady growth in its total income, which expanded by 7% to reach INR 115.6 crore in the reporting quarter. This growth reflects the company’s strategic measures to enhance its revenue streams and optimize its operations.
Looking at the full fiscal year, Muthoot Capital Services has achieved a noteworthy accomplishment by reporting a net profit of INR 78 crore, a substantial improvement compared to the loss of INR 161 crore incurred in the previous fiscal year (FY22). This achievement signifies the successful implementation of the company’s strategic initiatives and its ability to adapt to evolving market dynamics.
One of the key drivers of Muthoot Capital Services’ success has been its focus on disbursing loans, as the amount disbursed during FY23 increased by 15% to INR 1,318 crore. This growth demonstrates the company’s ability to meet the borrowing needs of its customers and support their financial aspirations.
Moreover, the company’s total assets under management (AUM) have reached INR 2,102 crore as of March 31. This milestone underscores the trust and confidence placed by customers in Muthoot Capital Services, as they continue to avail the company’s diverse range of lending solutions.
Thomas George Muthoot, the managing director of Muthoot Capital Services, expressed his satisfaction with the company’s overall performance. He highlighted the significant growth in income and profitability, as well as the company’s ability to maintain net non-performing assets below the industry average. Muthoot also emphasized the resilience of the post-Covid loan book, which has performed well in a challenging environment.
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