Ashika Credit Capital Ltd

In today's ever-evolving world, where transformation is key, we understand the imperative to continuously transform for good and invest in tomorrow to outperform. As we embark on the next stage of our multi-year growth trajectory, aimed at unleashing value for all stakeholders, I extend my deepest gratitude to each of you. You are the pillars of our success, propelling us towards building a futuristic organisation rooted in India's progress.

India is on an expressway of progress. The optimism surrounding the Indian economy is unparalleled. The buoyancy observed in the stock markets with the influx of foreign direct investments solidify India's rise as a global power and a critical long-term market. These positives supports the narrative of India's flourishing growth trajectory.

The Non-Banking Financial Companies (NBFCs) sector in India has undergone remarkable growth, establishing itself as a significant player within the country's financial landscape. This growth is driven by various factors, such as a rising middle class, enhanced financial inclusion and positive policy interventions. As of 31st March 2024, there were a total of 9,327 NBFCs registered with the Reserve Bank of India (RBI).

During the FY 23-24 several NBFCs continued investing in the domestic stock markets and remained optimistic driven by multiple factors. The Indian economy showed greater resilience with steady growth rates, which positively influenced the stock market. NBFCs benefited from this economic stability, which allowed them to confidently invest in domestic equities. Regulatory clarity and supportive measures, such as maintaining liquidity and capital adequacy norms, ensured NBFCs can allocate funds to the stock market with confidence. Adoption of advanced analytics, artificial intelligence (AI) and digital tools for portfolio management enabled NBFCs to make data-driven investment decisions, thereby optimising returns and manage risks better. The robustness of the IPO market also provided NBFCs with opportunities to invest in high-growth companies at early stages. Successful IPOs and strong post-listing performance of new companies presented lucrative investment avenues to the domestic NBFCs. It was further supported by the surge in retail investor participation in the domestic stock market thereby augmenting market liquidity and stability, and benefiting NBFCs through enhanced market dynamics.

As we gather to review our financial performance over the past year, it is essential to emphasize the importance of understanding the consolidated annual results instead of quarterly statements. While quarterly statements provide a snapshot of our financial health at specific intervals, it is the annual results that offer a comprehensive and clearer view of our overall financial stability, growth trajectory, insights into our strategic direction, risk management practices and future growth plans.

It was an important year for us at Ashika Credit Capital Limited. In an ever-evolving market landscape, identifying and capitalizing on the right investment opportunities is paramount. During the year we strived hard to analyse the stock market dynamics. In doing so, we re-designed and re-engineered our business model from lending to investment in shares and securities backed by a buoyant stock market which is paying rich dividends. Our total Income grew by 53.90% and PAT grew by 81.88% during the year. To achieve a culture of profitable growth, the intention to become profit conscious must percolate from the top management right down to the last person in the organization.

While we strengthened our topline and bottomline, it gives me immense pleasure to announce that we have successfully fulfilled our ambitious target of achieving an 18%-20% growth in networth this year. This remarkable achievement is a testament to our unwavering commitment, strategic planning, and the collective effort of our entire team. Our robust financial performance reflects the effectiveness of our long- term vision and strategic initiatives.

In order to continuously improve our performance each year, we have developed specific Operational Strategies, Human Resource Development Strategies and overarching Business Strategies. Our Operational Strategy focuses on benchmarking, reducing costs and enhancing experience. Our objectives include standardizing and streamlining processes to align with industry best practices. We have implemented feedback mechanisms for continuous improvement and address stakeholder's grievances until resolution.

Moving forward, our focus remains on sustaining growth through innovation, operational excellence and robust corporate governance while actively integrating various causes which goes beyond business. In FY 23-24, we continued with our strong commitment to vendor, community and governance initiatives, achieving significant milestones in business sustainability. Our unwavering dedication to corporate governance ensures transparency and accountability. These achievements reflect our Company's holistic approach to sustainable growth and responsible business practices, demonstrating our leadership in fostering positive societal impact while delivering value to stakeholders.

We believe that our progress has and always will depend on the efforts and endeavours of our people. I would like to acknowledge their contribution to the Company's progress this far and extend my heartfelt gratitude to them. On behalf of the Board, I would also like to thank our shareholders, clients, business partners, financial institutions and regulators for their continued support. We look forward to all your continued patronage, as we pursue our mission towards our vision.

Thank You