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IPO-bound Northern Arc Capital has posted a 33 per cent year-on-year growth in consolidated net profit at ₹242 crore in FY23. The net profit of the Chennai-based non-banking financial company (NBFC) in FY22 stood at ₹182 crore.
The company’s total income from operations, on a consolidated basis, grew by 44 per cent annually to ₹1,305 crore in the previous fiscal, against ₹909 crore in FY22.
Set up in 2009, Northern Arc provides credit to MSMEs, self-employed entrepreneurs, households, and small businesses.
The company has a presence across 657 districts in 29 States and 7 Union Territories, and is backed by marquee equity investors like Sumitomo Mitsui Banking Corporation, LeapFrog, IIFL, Accion, Augusta Investments (known as Affirma Capital), Dvara Trust and Eight Roads.
In July 2021, the company filed draft documents with SEBI for an IPO comprising a fresh issue of ₹300 crore and an offer for sale of up to 3,65,20,585 equity shares by some of its existing shareholders. The company’s total assets under management grew by 28 per cent to ₹9,078 crore as of FY23.
On a standalone basis, Northern Arc’s net profit grew by 28 per cent, yoy, to ₹58.69 crore (₹45.72 crore) in the fourth quarter of FY23. For FY23, its standalone net profit stood at ₹225.35 crore (₹163.72 crore).
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