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Muthoot Finance Q1 profit rises 30% to Rs351 crore

LiveMint logoLiveMint 08-08-2017 PTI

New Delhi: NBFC firm Muthoot Finance on Tuesday reported an increase of 30% in net profit at Rs351 crore for the first quarter ended 30 June 2017.

The company’s net profit stood at Rs270 crore in the April-June quarter of previous fiscal.

Muthoot Finance chairman M.G George Muthoot said the net profit growth of 30% is a historic record performance for the company.

Total income was up 8% to Rs1,399 crore during the reported quarter, as against Rs1,301 crore in the same period year earlier, Muthoot Finance said in a statement.

Loan assets grew by 8% to Rs27,852 crore as on 30 June 2017 compared with Rs25,860 crore in the year-ago period.

“Company could achieve a growth in its loan assets during the quarter even in the backdrop of seemingly challenging external environment which shows that initiatives taken by the company are delivering results,” George Muthoot said.

The gold financier based out of Kochi said its board has decided to acquire the remaining 11.73% holding with other shareholders in Muthoot Homefin (India) at an aggregate price of Rs38.72 crore.

With this acquisition , MHIL will become a wholly-owned subsidiary. “Further Board has decided to infuse Rs100 crore in MHIL as equity share capital,” the company said.

Stock of the company closed 1.42% up at Rs479.60 on BSE.

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