Indel Money, the non-banking finance company, has registered a significant 127 per cent rise in profitability during Q2 of the fiscal year 2023-24. The revenue for the quarter rose by 61 per cent, reaching ₹77.03 crore compared to the same period in the previous year.
The first half of FY24 saw the company demonstrating a stellar performance, with its profitability surging by a record 568 per cent, buoyed by strong AUM growth, heightened demand for gold loans, expansion into newer territories, and operational efficiencies despite a challenging business environment.
The profitability rose to ₹39.17 crore during the first half, compared to ₹5.86 crore in the same period last year.
Operationally, annual disbursements have experienced a significant 70 per cent growth so far, reaching ₹1,800 crore. The consolidated AUM for Q2 stands at ₹1363 crore, reflecting a substantial increase over the corresponding quarter of FY23.
Umesh Mohanan, Executive Director and CEO, Indel Money, said: “Robust disbursements and a continued focus on gold loans have helped us in achieving this remarkable business growth. We’ve recently secured a forex business license from the RBI, and this holds significant potential to make a substantial contribution to our overall business.”
“The NCD tranche III for FY24 witnessed an impressive 188 per cent subscription, affirming investor confidence in the company’s financial instruments. We are planning Tranche IV of ₹200 crore NCD in Q4 of the current financial year”, he added.