Mumbai, June 20: Indel Money, the flagship non-banking finance company (NBFC) under Indel Corporation, announced doubling of its profit for the just-concluded financial year 2023-24 (FY24). The company reported a profit of Rs 55.75 crore, a significant jump from Rs 29.19 crore reported in FY23. Total revenue from operations also jumped 55 % to Rs 289 crore from Rs 185.23 crore in FY23.

Operationally, disbursements have experienced a significant growth, reaching around Rs 6000 crore. The consolidated assets under management (AUM) for the full year stand at Rs 1800. crore, reflecting a significant increase compared to the previous fiscal year.

Commenting on the results, Umesh Mohanan, Executive Director and CEO, Indel Money said: “We are pleased to report a profit close to Rs. 56 Crore for FY24. We have been witnessing a steady growth in profit due to consistent rise in new customer acquisition, branch expansion, customer outreach programmes 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 been maintaining a healthy Capital Adequacy Ratio (CAR) while meeting all the regulatory requirements. The company plans to add more than 80 branches in FY25. The company has a total of 320 branches, spreading across 14 States and the Union territories.