Thu, 09 Jul 2020

Mumbai (Maharashtra) [India], May 29 (ANI): Muthoot Capital Services has posted a net profit of Rs 13.6 crore in the quarter ended March as against Rs 22.7 crore in the same quarter of the previous fiscal year.

The total income for Q4 FY20 touched Rs 146.8 crore. The company disbursed two-wheeler loans amounting to Rs 329.9 crore and had a total disbursement of Rs 347.5 crore during the quarter.

The total assets under management (AUMs) reached Rs 2,650 crore at the end of the quarter, including the assigned portfolio of Rs 52.3 crore. For the same quarter last year, the company had a total disbursement of Rs 605.7 crore.

"It had been a challenging year for all businesses, and especially the two-wheeler business," said Managing Director Thomas George Muthoot.

"Escalation in price was one of the key deterrents to growth along with the introduction of ABS standard and subsequent preparation of OEMs and dealers for BS VI transition in 2020 besides the mandatory five-year insurance. This was followed by once-in-a-century disruption in the form of Covid-19," he said in a statement.

Muthoot said he expects things to return to normal towards the end of Q2 or early Q3 FY21.

Muthoot Capital Services is the listed entity of Muthoot Pappachan Group and one of the fastest-growing non-banking finance companies in the country. (ANI)

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