New Delhi, NBFC Moneybox Finance, which provides small business loans to micro entrepreneurs, on Tuesday reported a multifold rise in net profit to Rs 4.1 crore in the March quarter.
The company had reported a profit of Rs 0.42 crore in the same period a year ago.
According to a regulatory filing, the company's net profit stood at Rs 9.1 crore in 2023-24, a strong turnaround from a net loss of Rs 6.8 crore in the previous financial year.
Moneybox further said its assets under management (AUM) grew 112 per cent to Rs 730 crore as of March 31, 2024, due to branch expansion, higher productivity and growth in loan partnerships.
“The strong quarterly momentum in profitability in FY2024 validates the strength of our tech-driven, scalable and sustainable business model,” said Deepa Agarwal, Co-CEO and CFO, Moneybox Finance.
The company is backed by 32 lenders including State Bank of India, HDF Bank and Kotak Mahindra Bank.
Its total income is expected to increase by 154 per cent to around Rs 128 crore in 2023-24 compared to Rs 50.4 crore in 2022-23.
The company's gross NPA increased to 1.54 per cent of AUM as of March 31, 202, compared to 0.59 per cent as of March 31, 2023.
Net NPAs increased to 1.04 per cent as of March 31, 2024, compared to 0.30 per cent at the end of March 2023.
The company had reported a profit of Rs 0.42 crore in the same period a year ago.
According to a regulatory filing, the company's net profit stood at Rs 9.1 crore in 2023-24, a strong turnaround from a net loss of Rs 6.8 crore in the previous financial year.
Moneybox further said its assets under management (AUM) grew 112 per cent to Rs 730 crore as of March 31, 2024, due to branch expansion, higher productivity and growth in loan partnerships.
“The strong quarterly momentum in profitability in FY2024 validates the strength of our tech-driven, scalable and sustainable business model,” said Deepa Agarwal, Co-CEO and CFO, Moneybox Finance.
The company is backed by 32 lenders including State Bank of India, HDF Bank and Kotak Mahindra Bank.
Its total income is expected to increase by 154 per cent to around Rs 128 crore in 2023-24 compared to Rs 50.4 crore in 2022-23.
The company's gross NPA increased to 1.54 per cent of AUM as of March 31, 202, compared to 0.59 per cent as of March 31, 2023.
Net NPAs increased to 1.04 per cent as of March 31, 2024, compared to 0.30 per cent at the end of March 2023.
