Gold loan non-banking finance company (NBFC) Indel Money has reported a profit of Rs 21 crore in the first quarter of FY 24, achieving a 63% quarter-on-quarter growth. The impressive performance of the company is driven by operational efficiency and overall resilience in gold demand. During the same quarter, the company’s asset under management (AUM) grew by 61% year-on-year to Rs 1294.44 crore. The annual disbursement rate also increased by 40% year-on-year, reaching Rs 850.64 crore, with gold loans accounting for 92% of the total disbursement. Furthermore, the revenue of the company experienced a significant growth of 74% in Q1FY24 compared to Q1FY23.
Umesh Mohanan, Executive Director and CEO of Indel Money, commented on the company’s performance, stating that high levels of disbursements and a focus on gold loans have contributed to the impressive business growth.
In addition, Indel Money has witnessed overwhelming demand for its third tranche of secured NCDs, which have been oversubscribed by 88%.
The company has consistently maintained a healthy Capital Adequacy Ratio (CAR) while meeting regulatory requirements. Looking ahead, Indel Money has plans to expand its operations by adding over 100 branches in FY24, spreading into four new states.
Overall, Indel Money’s strong financial performance in the first quarter of FY 24 reflects its success in leveraging operational efficiency and capitalizing on the robust demand for gold loans in the market.
