Muthoot Capital Services Ltd (MCSL) posted a net profit of ₹10.26 crore in the third quarter of FY24, compared to ₹19.66 crore in Q3 of FY23. Net profit for the nine-month period ended December 31, 2023, increased 110 per cent to ₹110.97 crore, as against ₹52.72 crore in the same period last year.
The company disbursed loans amounting to ₹479 crore during the quarter. The total AUM (Assets under Management) reached ₹1,944 crore at the end of the quarter.
Thomas George Muthoot, Managing Director, Muthoot Capital Services Ltdsaid, “We put up a strong performance in Q3, with disbursements crossing pre-Covid levels. We are focussed on digitisation, operational efficiency, and customer delight as cornerstones to our success. The Q3 results are a testimony to the dedication and hard work of our talented team, who have remained steadfast in our mission to deliver value and excellence in all aspects of business”.
Mathews Markose, Chief Executive Officer, said “Q3 results have been a reflection of the foundational work done in the previous two quarters on technology upgrade, product and credit underwriting norms. The new loan origination system was implemented, which has made credit decisioning instant, while covering all the material risks. As a result, we were able to capitalise on the surge in retail sales during the festive season, which resulted in a 50 per cent jump in business over the previous quarter. The used car business is also picking up, and the outlook for Q4 looks positive; we remain bullish on the numbers.”