News & Events
Muthoot Capital Services to enter used car financing market
| The Financial Express 22 February 2012 |
Business Standard 22 February 2012 |
The Times of India 21 February 2012 |
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| The Times Of India 21 February 2012 |
Financial Chronicle 21 February 2012 |
Financial Chronicle 21 February 2012 |
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Mr. M.S. Sreekumar, Associate Vice-President-Human Resources at Muthoot Capital Services Ltd. and President-National HRD Network Cochin Chapter, carried the session forward with his views on social conventions, pressures and expectations faced by women. He says India is a 'paradox of thoughts'. With the rise of market-dictates, there is a feeling that men are more equipped to wage the market war. Women can enter the warzone only when they develop their own individual sense of identity, clearly define their job and family roles and know their strengths.
Click here to read the report online.
Hero ties up with Muthoot group
Hero MotoCorp Ltd has tied up with Muthoot Capital Services Ltd (MCSL), a division of Muthoot Pappachan Group, to offer instant, need-based financial services for its two-wheeler customers.
The tie-up will enable Hero MotoCorp penetrate deep by offering its products in the semi-urban and rural markets using the services of Muthoot group's retail outlets and dedicated manpower at every Hero MotoCorp dealer/authorised outlets of Kerala, Tamil Nadu, Andhra Pradesh, Karnataka and Goa.
Click here to read the report online.
The Company is pleased to announce that Mr. Thomas George Muthoot, Managing Director, declared the result of the voting conducted through Postal Ballot on the Ordinary Resolution under section 293(1) (d) of the Companies Act, 1956, seeking consent of the Members to increase the borrowing powers of the Board of Directors to a sum not exceeding Rs. 500 Crores over and above the aggregate of paid up capital of the company and its free reserves at any time. The details are as follows:
Resolution: (Ordinary Resolution): 10065937 votes were cast in favour of the Resolution (99.85%) and 15367 votes were cast against the resolution. 17885 votes were invalid.
- Financial Results for 30th sept.
www.moneycontrol.com - Results of postal ballot
www.moneycontrol.com
The board of directors had decided at their meeting held on 5th September, 2011, to go for postal ballot process to obtain the members' approval for passing the resolution for increase in borrowing powers of the Company from the present Rs. 150 crores to Rs. 500 crores. The Company has dispatched to its members on 19th September, 2011, notice under Section 192A of the Companies Act, 1956, along with the Postal Ballot Form and a reply envelope (for which postage is paid by the Company), in relation to the Ordinary Resolution under Section 293(1) (d) of the Companies Act, 1956, seeking approval of the Members for increasing the borrowing powers. Mr. Sivakumar P., M Com., FICWA, FCS, CMA, Managing Partner, SVJS & Associates, Company Secretaries, 39/3519 B, First Floor, Padmam Apartments, Ravipuram, Kochi -682016, is appointed as the Scrutinizer for conducting the Postal Ballot in a fair and transparent manner.
Muthoot Capital Services Limited net profit jumps 34.75%
The audited financial results of Muthoot Capital Services Limited for the year ended 31st March, 2011 reveal substantially higher performance compared to the corresponding period last year. The net profit of the Company increased from Rs.717.28 lakhs to Rs.966.55 lakhs, an impressive growth of 34.75% over last year . The total Income of the Company registered a growth of 67.87%, from 2247.56 lakhs during the previous year to 3772.92 lakhs in the current year. Commensurate with the increase in operations, the interest expenses increased by 67.30% to Rs 1157.07 lakhs from Rs. 691.61 lakhs in the last year. On account of the substantial increase in manpower and infrastructure to support the enhanced level of activities, the operational expenses during the corresponding period recorded an increase of 139.08 %, from Rs. 456.93 lakhs to Rs. 1092.44 lakhs. The profit before tax recorded a jump of 33.40% from Rs. 1087.42 lakhs in the previous year to Rs. 1450.61 lakhs during the year ended 31st March 2011.
During the quarter ended 31st March 2011, the net profit increased to Rs.267.90 lakhs, from Rs. 206.14 lakhs compared to the corresponding quarter in the previous year, recording a growth of 29.96%. The total Income for the Company increased to Rs. 1153.62 lakhs during the quarter ended 31.03.2011 from Rs.662.29 lakhs during the corresponding period last year, registering a growth of 74.19%. The profit before tax during the corresponding period increased by 28.64% from Rs. 313.71 lakhs to Rs.403.57 lakhs.
The Company has been expanding the activities in across south Indian states and Goa ,under the Automobile finance segment, mainly two wheeler financing. The Company was able to disburse 35123 loans in the year 2010-2011 amounting to Rs 138.35 crores. The outstanding loan amount increase from Rs 39.99 crores as on 31-03-2010 to Rs 129.79 crores as on 31-03-2011, with a delinquency ratio of only 0.18% as on 31-03-2011, is the lowest in the industry.
The Company is introducing innovative products under the Automobile Finance Segment. Through the Smart Plus Auto Loan, the full cost price of the vehicle is given as loan, enabling the borrowers to leverage their gold ornaments against the margin requirement. The Company expects very good response to this product from the market.
Another innovative product to be introduced by the Company in the near future is loan against Gold Exchange Traded Funds (ETF). The Gold ETFs are securities issued by Asset Management Companies against 995 purity gold kept by them with depositaries. The securities are in dematerialised form, easily transferable, easily encashable and are traded in stock exchanges. By introducing this product, the Company will be putting to use the Group’s core competence in granting loan against gold, to provide liquidity for investors in ETF thereby promoting the popularity of ETF.
“The Company continues to focus on providing value creation for all the stakeholders namely the staff, shareholders and above all the customers, by providing financial services solutions suiting the market needs, upholding the highest values in professional management” said Mr.Thomas George Muthoot, Managing Director.
“The Company is committed to meeting the needs of the market under Automobile finance sector and its aiming to become the leading player in the segment in South India by March 2013” said Mr. R. Manomohanan, Chief Executive Officer.
Auto Loan Milestone at MCSL
Muthoot Capital Services reached the milestone of 2,000 auto loan disbursements during June 2010, resulting in an impressive revenue of INR 7.83 Crores. A growth of 31% over the previous month. With its auto loan product, MCSL is marching onto greater heights. The peak performers were branches in Kulanada and Chettikulangara, two small towns in Kerala. This is in line with Muthoot Pappachan Group’s mission to reach every town and every Indian, offering competitive financial services, where such services not available.
Family benefits from free life cover as part of husband’s Eezy Auto Loan
Mr. Ashokan Narayanan, an autorickshaw (goods) driver who availed an Eezy loan from Muthoot Capital Services through its Vaikom branch was hit by a car on 3rd December at Thottakam and had been struggling for his life in an ICU for the next few days. He died on 19th December, leaving his wife Mrs. Sarasamma and two children, Asha and Aneesh.
Initiated by the concerned staff at the Vaikom Branch and assisted by Team Auto Loan, Mr. Ashokan’s son Aneesh, a +2 student, collected all relevant documents and submitted to Apollo Munich, the insurers.
Mr. Ashokan Narayanan’s widow received Rs.1,00,000 for his life coverage and Rs.10,000 as an education fund for her son from Apollo Munich. A woman with health problems, she had already started working, following the death of her husband.
The family was not even aware about the additional life cover benefit offered as part of the Eezy auto loan.
Muthoot Capital Services CEO, Mr. Manomohanan, handing over the cheque to Mrs. Sarasamma, in the presence of Area Manager, Kottayam, Mr. Jacob K Abraham and Apollo Munich Senior Manager, Mr. Ranju Kuruvilla Kurian.
Muthoot Capital Services Limited net jumps 32.53%
12 May 2010, Kochi: Muthoot Capital Services Limited today announced the audited financial results for the year 2009 -2010 at the meeting of the Board of Directors in Kochi. The Company achieved a substantially higher performance in 2009-2010 compared to the corresponding period last year. The Board of Directors recommended payment of dividend at the rate of Rs.2.50 per each share of Rs.10 (which is equal to 25%).
The net profit of the Company increased from Rs. 541.24 lakhs to Rs.717.28 lakhs, recording an impressive growth of 32.53 %, compared to the last year figures. The total income of the Company registered a growth of 29.27 %, from Rs.1738.61 lakhs during the previous year to Rs.2247.56 lakhs in the current year. The Company has succeeded in restricting the interest expenses to Rs 691.60 lakhs compared to Rs. 615.29 lakhs in the last year, which is an increase of only 12.40%. The operational expenses during the corresponding period recorded an increase of 67.22%, from Rs. 273.24 lakhs to Rs. 456.93 lakhs. Due to the cost control measures adopted by the Company, especially in restricting the financial expenses, the profit before tax recorded a jump of 30.21% from Rs. 835.14 lakhs in the previous year to Rs. 1087.42 during the year ended 31st March 2010.
During the quarter ended 31st March 2010, the net profit increased to Rs.206.14 lakhs, from Rs. 153.52 lakhs compared to the corresponding quarter in the previous year, recording a growth of 34.28%. The total Income for the Company increased to Rs. 662.29 lakhs during the quarter ended 31.03.2010 from Rs.488 lakhs during the corresponding period last year, registering a growth of 35.72 %.
Commenting on the results Mr. Thomas George Muthoot, Managing Director of the Company said, “The improved performance of the company is mainly on account of the increased portfolio of services provided by Muthoot Capital Services Limited. The Company has successfully added an array of financial services and products like the two-wheeler loans, which are well appreciated by the public. We are introducing more products to cater to the needs of the business community like the SME loans, property loans, bills discounting, loans for buying second hand cars etc.”
Mr. R. Manomohanan, Chief Executive Officer of the Company added, “The excellent performance of the Company is a testimony of the prudent policies followed by the Company in taking care of all the stake holders viz. the share holders, the customers and the public. The Company is going ahead with the 1:1 rights issue which is likely to hit the market by August/September 2010”.
The Company has identified many other areas where the branch network can be put to good use for distribution of services and third party financial products, resulting in fee based income, at the same time offering diversified value added service to the customers.
Claim Settlement by MPF
Helping hand from Muthoot even in our customer's absence..
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Honda Motorcycle, Muthoot Capital Services tie up
Honda Motorcycle and Scooter India Pvt Ltd has tied up with Muthoot Capital Services Ltd (MCSL), a division of Muthoot Pappachan Group, to offer instant “need-based financial services” for its two-wheeler customers. The tie-up will enable HMSI to penetrate deep into the semi-urban and rural markets using the services of MCSL’s retail outlets and dedicated manpower at every HMSI sub-dealer point.
HMSI has a strong dealer network in Kerala and Tamil Nadu, where the financing options will be available initially. The two companies will work closely to bring in operational efficiency, optimise the turn around time (TAT) and enhance customer satisfaction. The financing option will be offered to customers purchasing two wheelers at the authorised Honda retail outlets on an equated monthly instalments under the innovative flexi repayment options.
MCSL 1st Quarter Results Announced
The unaudited financial results of Muthoot Capital Services Limited for the quarter ended 30th June 2009 reveals substantially higher performance compared to the corresponding period last year. The results were approved in the meeting of the Board of Directors held in Kochi on 28th July 2009.
The total income from operations for the Company increased from Rs 357.71 lakhs in the quarter ended 30th June 2008 to Rs 507.52 lakhs in the corresponding period this year, registering a growth of 41.88 %. However the interest expenditure increased by 61.89 % from Rs. 109.83 lakhs to Rs 176.83 compared to the corresponding period last year. Proactive measures implemented by the Company resulted in restricting the other expenditure during the period and this resulted in a Profit Before Tax of Rs 252.03 lakhs. Compared to Rs 180.98 lakhs for the corresponding period last year, the increase in Profit Before Tax is 39.26%. The net profit increased from Rs.122.17 lakhs to Rs 167.23 Lakhs, recording a growth of 36.87%.
Speaking on the future outlook of the company Mr. Thomas George Muthoot, Managing Director stated that, “We expect a good year ahead with signs of recovery in the economy as a whole. We are expecting a surge in the coming quarters with the onset of festival season in India".
Commenting on the company’s performance, Mr. R Manomohanan CEO Muthoot Capital Services limited said, “We feel happy with our performance in the first quarter of the current financial year. The stringent measures taken by the company for cost control and resources optimization are proving beneficial and we expect that it will make a positive impact on the current performance.”
The Company is maintaining its growth trajectory in operations as well as profits by increasing the exposure under the existing schemes and introducing innovative products, continuing to maintain the highest quality of the assets portfolio. The two wheeler loans offered by the Company are well received in the market. Recently the company has announced its tie up with Honda two wheelers to offer need based loan for buying two wheelers. There has been good response to the small and medium sized loans offered for traders and other businessmen. The Company plans to enhance its loans portfolio, by introducing innovative loan products. The latest addition to its loan portfolio is the scheme for financing of gold bullion. Under the scheme, the company will be extending finance to jewelers for purchase of 999 pure gold bullion from Rajesh Exports Ltd.(REL), the largest jewellery exporters from India. The gold imported by REL is sold through Muthoot Exim, the consignment agents for REL and the company will be extending finance for the purchasers of gold from Muthoot Exim.
The Company’s plans for organic growth by increasing the number of branches and adding to the portfolio of services and products are well under way. The Company is poised to increase the business levels and improve profits in the current year. The Company is going ahead with its plans to open Branches in Maharashtra, Madhya Pradesh and Gujarat to complement the existing branches in reach and business. Also, The Company is contemplating to offer the entire spectrum of capital market related products to the investing public.
Muthoot Capital Services Q3 profit up at Rs 1.72 crores
Muthoot Capital Services Ltd has announced the financial results for the quarter ended on 31-December-2009. The Net Sales was at Rs.5.52 crores for quarter ended on 31-December-2009 against Rs.4.43 crores for the quarter ended on 31-December-2008.
The Net Profit / (Loss) was at Rs.1.72 crores for the quarter ended on 31-December-2009 against Rs.1.29 crores for the quarter ended on 31-December-2008.
The company has reported an EPS of Rs.2.65 for the quarter ended on 31-December-2009 against Rs.2 for the quarter ended on 31-December-2008.
The Net Sales was at Rs.15.67 crores for 9 months ended on 31-December-2009 against Rs.12.24 crores for the 9 months ended on 31-December-2008.
The Net Profit / (Loss) was at Rs.5.11 crores for 9 months ended on 31-December-2009 against Rs.3.88 crores for 9 months ended on 31-December-2008.
The company has reported an EPS of Rs.7.86 for 9 months ended on 31-December-2009 against Rs.5.97 for 9 months ended on 31-December-2008.
Muthoot Capital Services posts 33% growth in net
Muthoot Capital Services Limited has registered a 33 per cent growth in its net profit for the quarter ended December 31, 2009, touching Rs 172.55 lakh against Rs 129.67 lakh during the corresponding period last year. The total income from operations for the quarter ended increased to Rs 556.98 lakh from Rs 456.67 lakh for the corresponding period last year, registering a growth of 22 per cent At the same time, the expenditure other than interest expenditure went up to Rs 132.65 lakh from Rs 63.40 lakh, which amounted to an increase of 109 per cent.
However, the company has been able to control financial expenses, resulting in reduction of interest expenses to Rs 162.75 lakh from Rs 196.37 lakh in the corresponding quarter last year, which is a saving of 17 per cent. The total expenses during the quarter recorded increase up to Rs 295.39 lakh compared to Rs 259.76 lakh for the corresponding quarter last year, which is an increase of only 14 per cent, Mr R. Manomohanan, Chief Executive Officer, said in a release.
Less expenses
As a result of the company's ability to restrict the increase in expenses, the profit before tax recorded an increase of 33 per cent from Rs 196.90 lakh during the quarter ended December 31, 2008, to Rs 261.59 lakh for the quarter ended December 31, 2009.
For the nine months ended December 31, 2009, the company achieved a total income of Rs 1585.27 lakh, compared to Rs 1250.62 lakh during the corresponding period last year, recording a growth of 27 per cent.
The expenditure other than interest expenses increased from Rs 214.80 lakh to Rs 317.72 lakh, which is an increase of 48 per cent.
