Gold loan non-banking finance company (NBFC) Indel Money has clocked a profit of Rs 21 crore in the first quarter of FY 24, which is quarter on quarter growth of 63%. Operational efficiency and overall resilience in gold demand have driven the NBFC’s performance in the Q1 of FY 24.
The company’s AUM (asset under management) grew 61% year-on-year during the same quarter to Rs 1294.44 crore. The annual disbursement rate grew to 40% year-on-year taking the Q1 FY 2024 to Rs 850.64 crore with gold loans accounting for 92% of the entire disbursement. The revenue grew 74% in Q1FY24 in comparison to Q1FY23.
Commenting on the performance, Umesh Mohanan, Executive Director and CEO, Indel Money said, ” High levels of disbursements and a focus on gold loans have contributed to the company’s impressive business growth.”
The third tranche of the company’s secured NCDs has been oversubscribed by 88%.
Indel Money has been maintaining a healthy Capital Adequacy Ratio (CAR) while meeting required regulatory requirements. The company plans to add
more than 100 branches in FY24 spreading into four more new states in FY24.
