14 Feb 2022 , 09:29 AM
IndoStar Capital Finance Limited (IndoStar), one of India’s leading retail non-banking financial companies announced its Q3FY22 results today. The company on Saturday reported a 40% decline in its net profit to Rs15 crore in the quarter ended in December 2021.
The AUM stands at Rs9,236 crore, up 8% against previous quarter, despite gradual reduction in the corporate lending book, which the company plans to reduce further.
The Company aims to be 100% Retail Company. IndoStar’s business transition from corporate to retail franchise coincided with Covid. IndoStar however is now at an inflexion point and much closer to a profitable, high growth path than ever before.
In Q3FY22, the company touched an all-time high retail disbursement of Rs1,456 crore for a quarter, and collection efficiencies remained above 100%.
Key Highlights:
Leadership Transition for future growth:
Q3 also saw the elevation of Mr. Deep Jaggi, Chief Business Officer, to Chief Executive Officer. Jaggi, who headed all retail verticals in his erstwhile role, will now lead the organisation’s aim of expanding into 1000 branches in the next 5 years. This is part of a well thought through succession plan.
Speaking on the results, Deep Jaggi, CEO, IndoStar Capital Finance remarked “The organisation has demonstrated remarkable resilience through multiple covid-19 waves and not digressed from its path of achieving rapid growth. By using the pandemic induced crisis as an opportunity, we achieved superior levels of asset quality and solvency. Now at an inflection point, we are well placed to deliver secular loan book growth and profitability quarter-on-quarter.
We have undertaken an endeavour of expanding our presence to the length and breadth of the country and will leverage technology to its fullest potential in fulfilling our ambitions. Our internal focus coupled with a gradual up-tick in the economy positions us well to capitalise on the tremendous post pandemic opportunity.”
Consolidated financial update for the quarter ended December 2021
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