VMPL
Mumbai (Maharashtra) [India], August 1: Akme Fintrade (India) Ltd, a BSE and NSE listed non-banking finance company (NBFC) focusing on vehicle and business loans in rural and semi-urban geographies, has reported significant growth in its financial results for Q1 FY25 and is pleased to announce the appointment of Shiv Prakash Shrimali as the Chief Operating Officer (COO), effective immediately from July 29, 2024.
Financial Highlights:
* Interest Income: INR 19.19 crore in Q1 FY25, a 25.98% increase from INR 15.24 crore in Q1 FY24.
* Interest Expense: INR 8.20 crore in Q1 FY25, up 27.71% from INR 6.42 crore in Q1 FY24.
* Fee & Other Income: INR 2.13 crore in Q1 FY25, a 79.77% rise from INR 1.19 crore in Q1 FY24.
* Total Net Income: INR 13.13 crore in Q1 FY25, a 31.24% increase from INR 10.00 crore in Q1 FY24.
* Operating Expenses: INR 1.80 crore in Q1 FY25, a 6.69% increase from INR 1.69 crore in Q1 FY24.
* Profit Before Tax (PBT): INR 9.11 crore in Q1 FY25, up 123.61% from INR 4.07 crore in Q1 FY24.
* Profit After Tax (PAT): INR 8.61 crore in Q1 FY25, a remarkable 185.73% increase from INR 3.01 crore in Q1 FY24.
Operational Highlights:
* Assets Under Management (AUM): Grew by 5.10% to INR 424.33 crore.
* Disbursements: Recorded at INR 36.19 crore during Q1 FY25.
Commenting on the results, Akash Jain (CEO) said,
"We have entered the new financial year on a strong note, with the first quarter performance in line with expectations. Our interest income grew 25.98% year-on-year to Rs. 19.20 crores, while PAT increased 185.7% year-on-year to Rs. 8.61. This reflects our strategic focus towards expanding our customer-base and geographical reach.
We continue to strive to increase our footprint to more regions across the country, and also have several new products in the pipeline, such as specialized loans for farm equipment, Solar Rooftop loans and for women entrepreneurs. This aligns with our motto to empower the rural, less privileged sections of our nation with easy financing options.
Our AUM grew 5.10% sequentially to Rs. 424.33 crores, while disbursements stood at Rs. 36.19 crores for the quarter. Overall, we are optimistic about the new fiscal year and well positioned to capture growth opportunities."
In addition to the strong financial performance, Akme Fintrade (India) Ltd. is excited to announce the appointment of Shiv Prakash Shrimali as the Chief Operating Officer (COO). This strategic addition to our management team aligns with Akme Fintrade (India) Ltd.'s vision and strategic plans for growth and excellence.
Shiv Prakash Shrimali brings with him an illustrious career spanning over four decades, during which he has demonstrated exceptional leadership and management skills. His vast experience encompasses strategic planning, business management, P&L ownership, financial management, operations management, new business/branch setup, and resource management (both human and material).
Prior to joining Akme Fintrade (India) Ltd., Shrimali served as the Chairman of Rajasthan Marudhara Gramin Bank. He is widely recognized for his proficiency in business development and his ability to formulate and implement strategies that drive significant growth, particularly in the banking and financial services sectors.
"We are thrilled to welcome Shiv Prakash Shrimali to our team," said Nirmal Kumar Jain, Chairman & Managing Director, Akme Fintrade (India)Ltd. "His extensive experience and proven track record in the industry make him a valuable asset as we continue to pursue our strategic goals and enhance our operational capabilities."
About Akme Fintrade (India) Limited
Akme Fintrade (India) Limited is a BSE and NSE Listed company. Incorporated in 1996, Akme Fintrade is a non-banking finance company (NBFC), offering vehicle and business loans in rural and semi-urban geographies. The company provides lending solutions for rural and semi-urban populations. Its portfolio comprises Vehicle Finance and Business Finance Products for small business owners. Their key borrowers are individuals and small business owners requiring vehicle loans and business finance. The vehicle financing comprises used commercial vehicles, 2-wheeler loans, and used 2-wheeler loans.
Disclaimer:-
This document may contain certain forward-looking statements. These statements include descriptions regarding the intent, belief or current expectations of the Company or its directors and officers with respect to the results of operations and financial condition of the Company. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ from those in such forward-looking statements as a result of various factors and assumptions which the Company believes to be reasonable in light of its operating experience in recent years. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by VMPL. ANI will not be responsible in any way for the content of the same)
