Indel Money post Rs. 21 crore profit in Q1 of FY24

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Gold loan lender Indel Money has registered Rs. 21 crore profit in Q1 of FY24, registering a 63 per cent growth compared to the previous quarter of the corresponding fiscal.  

The AUM grew 61 per cent during the same quarter to Rs. 1294.44 crore. Annual disbursement rate grew to 40 per cent taking the Q1 FY 2024 to Rs. 850.64 crore with gold loans accounting for 92 per cent of the entire disbursement. The revenue grew 74 per cent in Q1FY24 in comparison to the Q1 FY23. 

Also Read | Indel Money expands operations to build a pan-India presence

Umesh Mohanan, Executive Director and CEO, Indel Moneysaid, “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.”

The third tranche of the company’s secured NCDs has been oversubscribed by 88 per cent. .

Also Read | Indel Money announces NCD issue of ₹100 crore

Indel Money has been maintaining a healthy Capital Adequacy Ratio (CAR) while meeting required regulatory requirements. The company plans to add more than 100 branches in FY24 spreading into four more new states in FY24.