PANAJI
Two-wheeler finance company, Muthoot Capital Services Limited, achieved a net profit of Rs 4.48 crore for the first quarter, registering an increase of 19.4 per cent compared to the corresponding quarter last year. This is despite moving to a four-month norm for determining NPAs.
The company has achieved 40 per cent growth in the two-wheeler loan disbursement during the quarter, compared to the first quarter last year, as per the quarterly results approved by the Board of Directors in Kochi.
As part of its aggressive plan to expand its operations across the country, the company has made substantive forays into the North Indian states and West Bengal. It is hoping for major growth from these locations in the 2017 financial year and beyond.
Thomas George Muthoot, managing director, Muthoot Capital Services Limited, said: “We are a leading provider of two-wheeler finance in South India. Our aim is to emerge as a leading national player in the realm of two-wheeler loans, spreading our wings across the markets. Apart from this, we are planning a foray into new car/used car financing segment. This is after we realized that there is a huge demand-gap vacuum in the used car segment. There is a growing demand for used car loans and we hope to cater to this demand.”
