NBFC Muthoot Finance reported a net profit of Rs 841 crore for the June quarter, a 59% rise YoY. The company had reported net profit of ₹530 crore in the year ago period.
The Kochi based company said it is currently seeking shareholders approval for an increase in the borrowing powers of the Board of Directors to Rs 75,000 crore. Total revenue from operations increased 28% to ₹2,385 crore in Q1 FY21 as against ₹1,857 crore in June Q1 FY20 period.
“There has been no significant impact on the operations/financial position of the company on account of outbreak of the COVID-19 pandemic and the limitations/restrictions arising therefrom. In accordance with the concessional package announced by RBl, the company has offered an optional moratorium on repayment of loan instalments falling due between March l, 2020 and August 31, 2020 and the asset classification for all accounts where moratorium is granted continues to remain stand-still during the aforesaid period as per such guidelines”, the financial company said in its stock exchange filing.
The share closed at Rs 1247.40 on the National Stock Exchange.
