Dvara KGFS Reports 230% Rise in FY'24 Net Profits

Chennai, May 31 (PTI) Dvara Kshetriya Gramin Financial Services Pvt Ltd (Dvara KGFS) has reported a 230 per cent rise in its net profit after tax for the year ending March 31, 2024, at Rs 47.53 crore.

The city-based firm registered a profit after tax of Rs 14.36 crore in the corresponding period of the last financial year.

The total income during the year ending March 31, 2024, grew by 47.93 per cent to Rs 565.11 crore, from Rs 382.01 crore registered in the same period of last year.

Commenting on the financial performance, Dvara KGFS Managing Director and CEO LVLN Murty said, "We are delighted with the strong financial results achieved in FY'24 and stay ever committed to bettering our operational efficiency and customer-centricity."

"The remarkable growth in our Gross Loan Portfolio and profitability metrics underscores our dedication to financial inclusion and creating sustainable impact. Our strategy of leveraging a diverse range of financial products, combined with a strong branch network and exceptional collection efficiency, has enabled us to reach more underserved individuals and communities than ever before," he said.

The total Assets Under Management as of March 31, 2024, stood at Rs 2,251.13 crore.

The Gross Non-Performing Assets as on March 31, 2024, fell to 2.98 per cent as against 4 per cent as on March 31, 2023, while net NPA reduced to 1.26 per cent as on March 31, 2024, from 2.36 per cent registered as on March 31, 2023.

"The significant increase in our AUM (Assets Under Management) and borrower base is a testament to the trust and confidence that our customers place in us and the unwavering efforts of my team members who are at the forefront of delivering value to the customer," Murty said.

The disbursement figures and collection efficiency demonstrate the effectiveness of the financial services and the positive impact it has on rural livelihoods, he added.