KOCHI- The country’s leading non-banking finance company, IndelMoney, has posted a record profit of Rs 21 crore in the first quarter of the financial year. The growth is 63 percent over the previous quarter’s result. The company’s revenue has grown by 74 percent over the previous financial year.
The company’s assets under management stood at Rs 1,294.44 crore, up 61 per cent year-on-year in the same quarter. A growth of 40 percent was recorded in the annual loan disbursement rate. . 850.64 crore loans were disbursed in the first quarter of FY 2024. 92 percent of this is gold loan. Umesh Mohanan, Executive Director and CEO, Indel Money, said, “This is a proud achievement because we have kept pace with the changing market conditions.
The third tranche of NCD bonds issued by the company was 188 per cent subscribed. The company has also bagged the Issuer of the Year – Public Issuance Runner Up Award at the ASSOCHAM National Summit on Corporate Bond Market. For the third year in a row, the company has won the ‘Best Place to Work’ award from the Great Place to Work Institute, an international organization. There are plans to open more than 100 new branches in four states namely Madhya Pradesh, Rajasthan, Delhi and Gujarat by FY 2024. Umesh Mohanan says the company will focus on maintaining adequate capital along with compliance with legal requirements.
