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Lendingkart
In FY23, Lendingkart reported a consolidated net profit of INR 118.8 Cr, a remarkable turnaround from a net loss of INR 203.4 Cr in the previous fiscal year. This success can be attributed to a substantial reduction in spending on impairment loss on financial assets, loans, and advances.
Moreover, Lendingkart’s operating revenue surged by 29.5%, reaching INR 798.4 Cr in FY23 compared to INR 616.4 Cr in FY22. The company, founded in 2014 by Harshvardhan Lunia, holds an NBFC license and focuses on disbursing loans to micro, small, and medium enterprises (MSMEs).
Read the full story by Inc42 here
Source: Inc42
Key highlights of Lendingkart’s financial performance in FY23:
Interest and Financial Services Income: Despite a 25% YoY drop in interest income (INR 425.6 Cr), Lendingkart experienced an over 700% YoY increase in income from financial services (INR 372.8 Cr).
Total Revenue: Including commission income from insurance and other non-operating income, Lendingkart’s total revenue reached INR 858 Cr in FY23, up from INR 643.1 Cr in the previous year.
Expenses: Lendingkart demonstrated prudent expense management, with total expenses decreasing by 15.5% to INR 751.5 Cr in FY23.
Impairment Loss: The startup’s impairment loss on financial assets significantly decreased to INR 112.1 Cr in FY23, compared to INR 434.7 Cr in the prior fiscal year.
Considering Lendingkart’s remarkable turnaround and growth, the current NCD issuance offers a promising investment opportunity for investors with varied risk profiles. Watch this video to understand the other key reasons to consider the investment.