Kotak Mahindra posts Rs 20-cr Q4 profit

By Our Banking Bureau | 02 May 2002

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Mumbai: Kotak Mahindra Finance Ltd (KMFL) has ended the last quarter of the fiscal year 2001-02 with a net profit of Rs 19.96 crore. KMFL had made a net profit of Rs 12.86 crore in the last quarter of the previous year.

In a press release issued here, KMFL said for the whole year its financing portfolio grew more than 50 per cent, riding mainly on auto loans, which individually grew 90 per cent year-on-year, with new disbursements crossing Rs 500 crore.

The company posted a total income of Rs 58.5 crore in January-March 2002 - 21.5 per cent less than Rs 74.53 crore in January-March 2001. Other income has dropped by about Rs 8 crore to Rs 25.70 crore (Rs 13.45 crore). The company has, however, said the two are not comparable because the Q4 2001-02 figures are derived from audited numbers.

The total expenditure during the period was Rs 11.44 crore (Rs 12.08 crore) and interest and bank charges amounted to Rs 16.04 crore (Rs 16.58 crore). Depreciation was Rs 8.15 crore (Rs 9.46 crore), while provision for taxation was Rs 4.15 crore (Rs 18 crore).

For the year ended 31 March 2002, KMFL has made a net profit of Rs 55.18 crore compared to Rs 49.59 crore for the year ended 31 March 2001. The company said due to a change in accounting standards, it has a deferred a tax liability of Rs 21.70 crore and it will be adjusted from reserves while presenting audited accounts.

 

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