Muthoot Capital Services (MCSL) has registered a 238 per cent increase in net profit in the first quarter of FY19 at ₹20.6 crore against ₹6.1 crore in the same period last year.
The total income increased to ₹124.2 crore during the quarter from ₹79.5 crore during the same period last year, registering a growth of 56 per cent.
Thomas George Muthoot, Managing Director, MCSL, said that the 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. As one of the fastest-growing NBFCs in the country, the company has continued to deliver a CAGR of 35 over the last four years. Innovative technology-led initiatives, strategic moves and increased geographical spread have led to the rapid growth in business, he added.
PAT rose by 238 per cent from ₹6.1 crore to ₹20.6 crore. The company disbursed two-wheeler loans of ₹448.4 crore during the quarter (₹340.6 crore for the corresponding quarter previous year) and total disbursement of ₹485.5 crore, compared to ₹371.8 crore in the corresponding quarter previous year.
The total AUM reached ₹2,367.0 crore at the end of the quarter, including securitised portfolio of ₹453.7 crore. The overall net interest income went up to ₹86.9 crore from ₹51.4 crore.
According to Madhu Alexiouse, COO, the first phase of technology has improved the turn around time (TAT) for the customer and also helped spruce up employee productivity.