Mumbai: The board of directors of Kotak Mahindra Finance has announced the unaudited results for the quarter ended 30 September 2002.
The net sales and income from operations for the quarter ended 30 September 2002 was Rs 49.53 crore against Rs 28.87 crore for the corresponding period the previous year. The income during the quarter includes the income from securitisation of commercial vehicle finance receivables, having a net impact on the net income of Rs 5.97 crore.
The profit before tax for the quarter ended 30 September 2002 was Rs 17.99 crore against Rs 14.90 crore for the corresponding period the previous year. After providing a tax of Rs 6.10 crore, the profit after tax for the quarter was Rs 11.89 crore as against Rs 10.65 crore for the corresponding period the previous year.
The expenditure during the quarter includes the expenses incurred and provided for towards the conversion of the company into a commercial bank and those relating to the merger of investment companies. The company is taking various steps in its process of conversion into a commercial bank after having received an in-principle approval from the Reserve Bank of India.
Kotak Mahindra is one of India's leading financial services groups.
Kotak Mahindra Primus, a joint venture with Ford Credit, is India's leading car finance company. Kotak Mahindra Capital Company and Kotak Securities are both joint ventures with Goldman Sachs, the leading global investment bank, and are leaders in their respective fields of investment banking and broking.
Kotak Mahindra Asset Management Company, with assets under management of over Rs 1,900 crore and Om Kotak Mahindra Life Insurance Company, a joint venture with Old Mutual, are large and growing players in their businesses.
The group, operating in over 50 cities in India, the US, the UK and the UAE, employs over 1,200 dedicated professionals and services a client base of over half-a-million customers.