MUMBAI, June 25: Kotak Mahindra Finance Ltd (KMFL), a leading NBFC, has suffered a setback in its performance with the net profit dropping by 34%.The net profit of the company went down from Rs 45.37 crore in 1995-96 to Rs 30.15 crore during the year. This is after full provisioning requirements of Rs 25.1 crore for non-performing assets (NPA) for the year ended March 1997.

The company has maintained the dividend at 18 per cent. The operating profit for the year is Rs 59 crore by adding back the provision to profit before tax and it compared favourably to that of the previous year at Rs 46.39 crore.

The total income during the year amounted to Rs 361.24 crore against Rs 302.67 crore and it earned a gross profit of Rs 104.43 crore (Rs 97.67 crore). The provision for depreciation is at Rs 70.53 crore (Rs 52.31 crore) and for taxation at Rs 3.75 crore (nil).

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