Moneyboxx Finance, an NBFC focused on small business lending, reported a profit of Rs 2.01 crore in Q3 FY24, driven by branch expansion and growth in lending partnerships.
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Mumbai, Feb 12 (PTI) Moneyboxx Finance, an NBFC engaged in small business lending segment, has reported a profit of Rs 2.01 crore for the quarter ended December 2023.
The company had incurred a loss of Rs 2.7 crore in December quarter last financial year.
The company posted a profit after tax of Rs 5.02 crore in April-December 2023-24. It incurred a net loss of Rs 7.22 crore in the year-ago period.
In December quarter FY24, total income was at Rs 33.52 crore. It was Rs 13.19 crore in the year-ago period.
In a statement, the company said its assets under management more than doubled to Rs 530 crore as of December 31, 2023, driven by branch expansion, higher productivity, and growth in lending partnerships.
"We have built a sustainable, scalable, and tech-driven business model with robust underwriting practices to cater to the promising and underserved small business loan market in rural and semi-urban areas," said Deepak Aggarwal, Co-CEO and CFO of Moneyboxx Finance.
The company caters to micro entrepreneurs by extending unsecured and secured business loans of Rs 70,000 to Rs 10 lakh for tenure from 12-84 months.
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