Muthoot Finance Q3 net up 56% at Rs 291 cr

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Muthoot Finance today reported a 56 percent increase in net profit to Rs 291.06 crore during the third quarter ended December 31, 2016.

The company's net profit in the corresponding October-December period of 2015-16 was at Rs 186.67 crore.

"Total income has increased to Rs 1,346.42 crore for the quarter from Rs 1,141.16 crore during the same period a year earlier," the company said in a regulatory filing.

The gold financier, in an investor presentation, said its networth stood at Rs 6,482.5 crore at the end of December 2016, an increase of 19 percent from Rs 5,445.70 crore year earlier.

Muthoot Finance, which is engaged in financing and wind power generation, said it increased shareholding in Belstar Investment and Finance to 64.60 percent during the quarter.

The company's board of directors at the meeting held today also decided to raise up to Rs 2,000 crore, including unused portion from previous approval of Rs 1,000 crore, on a private placement basis in one or more tranches.

In a separate filing, the company said the board also approved additional investment in subsidiary Muthoot Homefin (India) Ltd (MHIL) by purchasing 17 lakh equity shares at a price of Rs 11.37 per piece aggregating to Rs 1.93 crore approximately from an existing shareholder.

Post investment, Muthoot Finance will have 88.27 percent shareholding in MHIL.

Stock of the company closed 3.57 percent down at Rs 328.50 on BSE.