Muthoot Finance Ltd, a Kerala-based gold finance company, today said it has registered Rs 270 crore as profit after tax during the third quarter ending December of fiscal year 2012-13.
Profit after tax during the same period in the previous fiscal year was Rs 251 crore. The year-on-year increase was 7 per cent, The company's chairman M G George Muthoot told reporters.
The total income for Q3 grew by 11 per cent year-on-year to touch Rs 1,365 crore, as against Rs 1,230 crore in the previous year.
During the fourth quarter the company was expecting a much better turnaround, Mr Muthoot said.
The company has registered a growth of 19 per cent in net profit to Rs 784 crore for the 9 months ending December, as against Rs 657 crore in the same period the previous fiscal year, he said.
Total income for the nine months stood at Rs 3,976 crore as against Rs 3,255 crore in the same period in FY12, a growth of 22 per cent.
The company has been able to register a growth of Rs 1,969 crore in its assets under management as against a de-growth of Rs 1,337 core in the first quarter, and a growth of Rs 405 crore in the second quarter signifying the beneficial fall out of the strategic steps the company has taken to address the regulatory restrictions imposed on gold loan NBFCs (non-banking financial companies).
The branch network saw a 12 per cent growth during the 9 month period, reaching 3,914 against 3,480 during the period in the previous fiscal year.
Managing director Alexander Muthoot said the KUB Rao committee report had dispelled the negative perception on gold loan business.
There are certain 'hygiene measurers' to be followed by NBFCs in this space, which the company will try to ensure compliance of through self-regulatory body Association of Gold Loan Companies (AGLOC). The Rao committee has studied the NBFCs and appreciated and acknowledged their work, he said.
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