Kochi, Jan 31: Muthoot Finance Ltd has drawn up plans to institute an Employee Stock Option Plan for its employees by next financial year.
The board of directors has also constituted a committee of directors
to approve and finalise the terms of instituting the ESOP for over
22,000 employees, Muthoot Chairman, Mr M.G. George, and Managing
Director, Mr George Alexander Muthoot, told reporters here today.This is the first time that the company is launching the scheme and the modalities are being worked out, they said.
The company registered a 61 per cent growth in net profit for the third quarter of FY’12 despite a 2.58 per cent rise in borrowing costs and a 0.43 per cent reduction in net interest margin.
The net profit touched Rs 251 crore for the quarter ended December 31, 2011, against Rs 155 crore in the corresponding period of the previous fiscal.
For the nine months ended December 31, 2011, its profit stood at Rs 657 crore against Rs 355 crore in the previous fiscal.
The company’s total income saw a growth of 91 per cent to Rs 1,231 crore during October-December, 2011, from Rs 645 crore in the third quarter of the previous financial year.
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