CRISIL

Muthoot Capital Services declared their Q3 FY24 results on 23 Jan, 2024. The topline decreased by 14.62% & the profit decreased by 49.42% YoY. As compared to the previous quarter the revenue declined by 2.06% and the profit decreased by 87.97%.

BackBack Muthoot Capital Services Q3 FY24 Results: profit falls by 49.42% YOY

Muthoot Capital Services shares soared nearly 6% in intra-day trade, hitting Rs 307 apiece, following their groundbreaking partnership with evfin, the EV-focused lending platform of Greaves Finance Limited. With a deal size of up to Rs 150 crore, this collaboration aims to revolutionize electric two-wheeler financing in India, catering to the surging demand for sustainable transportation options.

Muthoot Capital Services Surges 6% with EV Financing Partnership

Amidst the challenging pandemic-induced economic environment during fiscal 2022, delinquencies had gone up and the company reported GNPA of 27.8% as on December 31, 2021 due to the impact of RBI clarification released in November 2021.

Profitability was healthy until fiscal 2019 but moderated from fiscal 2020 onwards on account of higher provisions in relation to COVID 19 and toward other one-time provisions and increased cost of borrowing (during fiscal 2020), leading to decline in net interest margin during the period.

Although MCSL has sequentially reduced the concentration in its portfolio over the years, the company’s operations continue to be largely concentrated in the southern states of the country.

The issuer has made timely interest payments.

Thomas John Muthoot, Chairman

Thomas George Muthoot, Managing Director

Established in 1994, Muthoot Capital Services Ltd. is one of India’s Most Progressive Automobile Finance Companies.

MCSL is an integral part of Muthoot Pappachan Group, whose flagship company is Muthoot Fincorp Limited. MCSL derives significant benefits from its linkages with the group. The group diversified its operations into vehicle financing through MCSL. The company has common promoters and promoter directors with the other MPG companies.

With an aspiration to empower Indians and human ambition, MCSL offer fund and non-fund based financial services to retail, corporate and institutional customers through the wide network of branches of Muthoot FinCorp Ltd.

The company started operations in 1995, it commenced lending activities in 1998, initially, it provided gold loans, but subsequently, as the group scaled up its gold financing business in Muthoot Fincorp Limited, MCSL entered the two-wheeler financing segment in fiscal 1998 and gradually exited the gold loan business.

Capitalization had improved significantly in the past few years, as on June 30, 2022, MCSL had liquidity of around Rs 386.47 crores comprising Rs 171.8 crores of cash and equivalents and Rs 214.7 crores of unutilized bank lines. Its total debt obligation was around Rs 276.6 crores.

10.00%Muthoot Capital Services Limited 19 Mar 2027

ISIN:

INE296G07143

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Muthoot Capital Services Limited

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BackBack Muthoot Capital Services Q3 FY24 Results: profit falls by 49.42% YOY

Muthoot Capital Services Surges 6% with EV Financing Partnership

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