Muthoot Capital posts Rs 20.6 cr profit for Q1

Muthoot Capital today reported over three-fold jump in its net profit at Rs 20.6 crore for the first quarter ending June compared to the year-ago period.

The non-banking finance company of the Muthoot Pappachan Group had registered a net profit of Rs 6.1 crore in the corresponding April-June period of 2017-18.

The total income increased to Rs 124.2 crore during the quarter ending June 2018, from Rs 79.5 crore during the same period last year, registering a growth of 56.2 per cent, the company said in a statement.

Commenting on the results, Thomas George Muthoot, Managing Director, Muthoot Capital Services Limited said, "MCSL's results reflect the success of the group's strategic move towards customer-centric digital transformation to provide financial services at the doorstep of the common man." Chief Operating Officer Madhu Alexiouse said moving forward the company will be focused on incorporating the best of practices in terms of technology, processes, people, markets and initiatives.

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