Dear Shareholders,
It gives me immense pleasure to share our 38th Annual Report for the
Financial year ending March 31, 2024. Your continued support and collaboration are
invaluable as we navigate another year of growth and opportunities. The global economy
witnessed a gradual recovery from the pandemic's aftershock in the year 2023. This was
despite some persistent challenges such as rising inflation, geopolitical tensions and
supply chain disruptions. However, the resilience and adaptability of industries paved the
way for cautious optimism. On the domestic front, India emerged as a bright spot,
exhibiting robust economic growth. This can be attributed to strong domestic demand,
policy reforms and an investor-friendly climate. We are inspired by the vibrant spirit of
our customers and are motivated by the pursuit of fulfilling their financial aspirations.
It is a privilege to be a part of their journey, contributing to their dreams and
aspirations.
I am pleased to inform you that despite headwinds in the financial
markets, we achieved substantially higher disbursements under the loan portfolio at Rs.
235.5 Cr. leading to a total AUM of Rs. 129.97 Cr. as on 31st March 2024 compared to Rs.
61.06 Cr. as of 31st March, 2023. Revenue from operations has recorded an increase to Rs.
25.85 Cr. in Financial Year 2024 from Rs. 12.11 Cr. in the Financial Year 2023. Also, the
EBITDA has increased from Rs. 7.10 Cr. in the Financial year 2023 to Rs. 13.03 Cr. in the
Financial year 2024. The net profit in the Financial year 2024 is 0.55 Cr. On the asset
quality, our asset quality remained robust with a Gross and Net NPA was 0.40% and 0.24%
respectively as on 31st March 2024.
This demonstrates our commitment to delivering sustainable shareholder
value, driven by our robust risk management practices, continuous operational
improvements, and customer-centric approach. These efforts fosters trust and loyalty,
positioning us for continued growth and leadership in the NBFC sector.
Amidst the volatilities in the current market and interest rate
environment, our priorities remain focused on sustainable growth and profitability while
maintaining asset quality and a healthy capital adequacy ratio.
Our Company's collective efforts through the diverse range of offerings
and an extensive network of branch- es across the country help differentiate us. At
present, the company has various portfolios such as Gold Loan, Auto Loan, Micro Finance,
Business Loan etc. For empowerment of Women, we had started Microfinance loans to Women
Joint Liability Groups and plan to extend this on a larger scale. We are actively
increasing our footprints in Kerala and metro cities like Mumbai, Bangalore and to other
States. Today, we have 66 branches of which 16 are in Maharashtra, 34 are in different
districts of Kerala, 15 in Karnataka and 1 in Tamil Nadu. We will be opening 6 more
branches in coming months and will have 72 branches in total by the end of this financial
year. We are expanding the Branch network in a phased manner.
We are proud to announce that our commitment to fostering a positive
work culture has been recognized and our organisation has been certified as a ‘Great
Place to Work'. We are also certified as ISO 9001:2015, an international standard for
quality management systems (QMS) which is the most widely used QMS standard in the world.
Going forward, with the expansion plans in place, we expect bright prospects for the
company through higher loan disbursements, revenue and profits.
I would like to express our gratitude to the shareholders for their
unrelenting support in the affairs of the company. I would also like to thank all our
employees for their dedication and support in taking the organisation to greater heights.
We thank our other stakeholders including Customers, Bankers and business associates who
continuously support the organization.
Your Company remains very excited about its long-term growth prospects.
As we look ahead, we are aware of the myriad opportunities that unfold before us. The
dynamic landscape of the financial industry presents challenges and possibilities and we
are eager to capitalise on these moments of growth and innovation. We shall remain
committed to continuous transformation, excellent customer service and fostering a
supportive and dynamic work environment, all leading to higher stakeholder value.
We shall continue to pursue our mission of creating values through
inclusiveness and exclusivity. I have no doubt that with all your continued support we
will scale new heights in the years to come. On behalf of the board, I once again thank
each and every one of you and truly appreciate your confidence in the Company. We look
forward to your continued support in the days ahead.
Sd/-
Joby George Chairman & Managing Director