Indel Money announces Q2 results

Hyderabad: Indel Money, the flagship non-banking finance company (NBFC) under Indel Corporation, has announced a significant rise by 127.21 per cent in profitability during the second quarter of the fiscal year 2023-24.

The revenue for the quarter rose by 61.09 per cent to Rs77.03 crore as compared to the same period in the previous year. The first half of FY24 saw the company demonstrating a stellar performance with its profitability buoyed by a strong AUM growth, heightened demand for gold loans, expansion into newer territories and operational efficiencies despite a challenging business environment.

Umesh Mohanan, Executive Director and CEO, Indel Money, said: “We are delighted to report a profit of Rs 39.17 crore for the first half of FY24. This stellar performance underscores our steadfast commitment to the business expansion in newer territories and our ability to respond quickly to the changing market dynamics”.