Indel Money, the flagship company of Indel Corporation and anon-banking finance company (NBFC), has announced its financial results for the first quarter of FY24, posting a robust profit of INR 21 crore, which is quarter on quarter growth of 63%.The company's outstanding performance demonstrates its commitment to sustainable growth and operational efficiency and overall resilience in gold loan demand.
The company's AUM grew 61% year-on-year during the same quarter to INR1294.44 crore. Annual Disbursement rate grew to40% year-on-year taking the Q1 FY 2024 to INR 850.64 crore with gold loans accounting for 92% of the entire disbursement. The revenue grew 74% in Q1FY24in comparison to the Q1FY23.
Commenting on the performance, Mr. Umesh Mohanan, Executive Director and CEO, Indel Money said, "We are pleased to announce a profit of INR 21 crore for the first quarter of FY24. This achievement is a testament to our unwavering dedication to growth and our ability to adapt to evolving market conditions. High levels of disbursements and a focus on gold loans have contributed to the company's impressive business growth."