Moneyboxx Finance, a small business lender, reported a significant jump in net profit for the March quarter, driven by AUM growth and branch expansion. Learn more.
New Delhi, May 21 (PTI) Moneyboxx Finance, an NBFC providing small business loans to micro entrepreneurs, on Tuesday reported multi-fold increase in net profit to Rs 4.12 crore for the March quarter.
The company had reported a profit of Rs 0.42 crore in the year-ago period.
According to a regulatory filing, the company's net profit stood at Rs 9.14 crore in 2023-24, marking a strong turnaround compared to a net loss of Rs 6.80 crore in the preceding financial year.
Moneyboxx further said its assets under management (AUM) grew 112 per cent to reach Rs 730 crore as of March 31, 2024, driven by branch expansion, higher productivity, and growth in lending partnerships.
"Strong quarterly momentum in profitability in FY24 validates the strengths of our tech-driven, scalable, and sustainable business model," said Deepak Aggarwal, Co-CEO and CFO of Moneyboxx Finance.
The company is supported by 32 lenders, including the State Bank of India, HDFC Bank, and Kotak Mahindra Bank.
Its total income grew 154 per cent to about 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, 2024 compared to 0.59 per cent as of March 31, 2023.
Net NPA increased to 1.04 per cent as of March 31, 2024 compared to 0.30 per cent at end-March 2023.
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