CHAIRMAN'S MESSAGE
The year 2023-24 stood out as a Landmark period of regulatory actions, with the RBI
introducing measures to curtail the growth of unsecured lending, raising risk weights, and
imposing stricter guidelines on lending practices. NBFCS have been compelled to reassess
their capital allocation strategies, navigate the complexities of capital raising in a
cautious investment climate, and adapt to the evolving interest rate scenario amid
geopolitical uncertainties.
Though the pace of expansion was low and uneven but risk perceptions have softened with
declining headline inflation and recessionary conditions. Global growth outlook, as per
International Monetary Fund (IMF) latest report, is estimated at 3.2% during 2024 and
2025. The forecast for global growth five years from now at 3.1% is at its lowest in
decades. Indian economy navigated these global challenges and emerged as a beacon of
optimism maintaining a relatively stable economic trajectory. By clogging 7% plus real GDP
growth, India became fastest growing major economy of the world in 2023-24 for the third
consecutive year backed by strong domestic demand and robust economic performance.
Moreover, retail inflation also witnessed a significant decline in FY 2023-24 reaching its
lowest level since the Covid-19 pandemic.
Furthermore, the Reserve Bank of India's new IT governance directions encompassing both
banks and NBFCs, indicating a comprehensive approach to enhancing IT practices across the
financial sector and safeguarding financial operations against IT and cyber risks in an
increasingly digital financial ecosystem.
And, as we navigate the complexities of 2024, the NBFC sector is expected to witness a
blend of challenges and growth opportunities.
The drive towards digital transformation, the quest for innovative funding mechanisms,
and the strategic focus on sectors that fuel economic growth will define the trajectory of
the sector. The emphasis on strong risk and governance frameworks, coupled with the
sectors ability to adapt to regulatory changes, will be critical in shaping a resilient
and vibrant NBFC ecosystem.
Following is the Performance Highlights of the company during the year under review:
The income for the FY 2023-2024 increased by 256.90% to Rs.373.39 Lakhs as compared to
Rs. 104.62 Lakhs in FY 2022-2023.
• The Profit before Tax for the FY 2023-2024 increased by 212.74% to Rs 103.77
Lakhs as compared to Rs 33.18 Lakhs in FY 2022-2023.
• The Profit after Tax for the FY 2023-2024 increased by 215.70% to Rs. 77.60
Lakhs as compared to Rs. 24.58 Lakhs in FY 2022-2023.
• The Earning per Share (EPS) of the Company for the FY 2023-2024 also witnessed
an increase of 42.58% to Rs 1.1301 per share as compared to Rs 0.7926 per share in FY
2022-2023.
During the Financial Year 2023-24, the Company's Assets under management stands at INR
1495.97 Lacs. The total Income for the financial year is INR 375.06 Lacs and the Profit
after Tax stands at INR 77.60 Lacs. The Company had the Earnings per Share for the year at
INR 1.1301 Lacs.
I take this opportunity to thank all our esteemed shareholders and our promoters for
their valuable contribution. My sincere thanks go out to the Reserve Bank of India,
Securities & Exchange Board of India, BSE Ltd., and Registrar & Share Transfer
Agent for their continuous support and guidance from time to time. I am also grateful to
the Members on the Board for their contribution towards steering the Company to a path of
sustainable growth.
I hereby express my gratitude to the Management Team, Staff and other Business
Associates for their dedication and assistance in the journey so far.
Thank you for your support. With my best wishes, Yours sincerely
Sd/-
Mr. Apoorve Bansal
Chairman & Managing Director