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Indel Money, the flagship company of Indel Corporation and a non-banking finance company (NBFC), has announced its financial results for the first quarter of FY24, posting a robust profit of INR 21 crore, which is quarter on quarter growth of 63%.The company's outstanding performance demonstrates its commitment to sustainable growth and operational efficiency and overall resilience in gold loan demand.

The company's AUM grew 61% year-on-year during the same quarter to INR 1294.44 crore. Annual Disbursement rate grew to 40% year-on-year taking the Q1 FY 2024 to INR 850.64 crore with gold loans accounting for 92% of the entire disbursement. The revenue grew 74% in Q1FY24 in comparison to the Q1FY23. 

Commenting on the performance, Mr. Umesh Mohanan, Executive Director and CEO, Indel Money said, "We are pleased to announce a profit of INR 21 crore for the first quarter of FY24. 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%.

The company has been awarded Issuer of the Year- Public Issuance Runner-up award at the ASSOCHAM National Summit & Awards on Corporate Bond Market.

The company has been recognized for its positive work environment with the "Great Place to Work" award in 2023-2024 for the third consecutive year.

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.

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