The Capri Global Capital Ltd (CGCL) reported 22 per cent year-on-year (yoy) increase in third quarter standalone net profit even as its Board on Saturday approved entering gold loans as a new line of business.
The non-banking finance company (NBFC) said it will open about 1,500 gold loan branches in the next 5 years. CGCL will seek to build gold loan book of about ₹8,000 crore in the next 5 years, per a regulatory filing.
The company reported a standalone net profit at ₹48.51 crore crore against ₹39.81 crore in the year ago period.
CGCL recorded a 26 per cent yoy increase in interest income at ₹167.03 crore (₹132.48 crore). Other operating income soared 4 times to 15.25 crore (₹3.73 crore).
Finance cost was up 10 per cent YoY to ₹57.87 crore (₹52.63 crore). Provision towards impairment of financial instruments was up 60 per cent yoy to ₹17.60 crore (₹11 crore).
Employee benefit expenses jumped 67 per cent to ₹36.56 crore (₹21.88 crore).Other expenses soared 98 per cent YoY to ₹16.19 crore (₹8.18 crore).
CGCL’s consolidated net profit (including the results of subsidiaries -- Capri Global Housing Finance Ltd and Capri Global Resource Pvt Ltd) was up 32 per cent yoy to ₹64.88 crore (₹49.13 crore).