11th June 2024- InCred Finance, a unicorn lender backed by KKR, reported a substantial increase in its after-tax profit for FY24, soaring to Rs 316.35 crore from Rs 120.92 crore in FY23. This remarkable growth was propelled by a 45 per cent surge in interest income.
The company’s interest income surged to Rs 1,193.14 crore in FY24, compared to Rs 822.82 crore in the previous fiscal year, driving its operating revenue up by 46.8 per cent to Rs 1,269.96 crore in FY24.
However, expenses also experienced a significant uptick, rising by 37.5 per cent to Rs 871.35 crore in FY24 from Rs 633.52 crore in FY23. Finance costs, constituting half of the total expenses, climbed by 27.8 per cent to Rs 454.84 crore in FY24 from Rs 355.83 crore in FY23. Additionally, employee benefit expenses surged by 36.3 per cent to Rs 261.38 crore in FY24 from Rs 191.67 crore in the previous year.
In FY24, InCred Finance recorded basic and diluted earnings per share of Rs 6.76. The company’s total assets under management witnessed a substantial increase, reaching Rs 9,039 crore, marking a 49.1 per cent rise from Rs 6,062 crore in FY23.
Established in 2016 by former Deutsche Bank executive Bhupinder Singh, InCred Finance operates as a non-banking financial company across more than 24 cities in India, Singapore, and the Middle East. Offering an array of products and services including personal loans, education loans, SME business loans, and digital lending platforms.
In December last year, InCred achieved unicorn status following a Series D funding round led by Ranjan Pai of Manipal Education and Medical Group (MEMG), Ravi Pillai, Chairman at RP Group of Companies, and Ram Nayak, Global Co-head of the Investment Bank and Head of Fixed Income and Currencies at Deutsche Bank.
Source:Link
