The Business Bytes
Mumbai, June 20, 2024 (TBB Bureau): Indel Money, the flagship non-banking finance company (NBFC) under Indel Corporation, has reported a substantial increase in its financial performance for the fiscal year 2023-24 (FY24). The company announced a profit of Rs 55.75 crore, marking a significant 91% rise from the Rs 29.19 crore recorded in FY23. Total revenue from operations surged by 56%, reaching Rs 289.01 crore compared to Rs 185.23 crore in the previous fiscal year.
Operationally, Indel Money saw significant growth in disbursements, which reached approximately Rs 6000 crore. The consolidated assets under management (AUM) for the year also saw a notable increase, standing at Rs 1800 crore.
Umesh Mohanan, Executive Director and CEO of Indel Money, commented on the results, stating, “We are pleased to report a profit close to Rs 56 crore for FY24. We have been witnessing steady growth in profit due to consistent rise in new customer acquisition, branch expansion, customer outreach programs, and ongoing digital initiatives. This outstanding performance is the result of our dynamic business model and our ability to cater to the evolving market demand. We are working on developing superior operational efficiency through effective tech-integration and expert intervention. The goal is to develop a sustainable financial model that continues to focus on growth and profitability.”
Indel Money has maintained a healthy Capital Adequacy Ratio (CAR) while adhering to all regulatory requirements. The company has announced plans to expand its network by adding more than 80 branches in FY25. Currently, Indel Money operates a total of 320 branches across 14 states and union territories.
This robust performance reflects Indel Money’s strong strategic direction and its commitment to leveraging technology and expertise to drive growth and operational efficiency.
