Arohan Financial Services’ standalone net profit rises 377.15% in Q4 FY 23-24
Kolkata, May 31 , 2024 – Arohan Financial Services, a leading NBFC MFI, reported a 377.15% rise in net profit to Rs. 103.16 crore in the quarter ended March 2024 as against Rs. 21.62 crore during the previous quarter ended March 2023, backed by a steady rise in business and earnings. The Company saw a 33% growth in its Gross Loan Portfolio, surpassing INR 7,112 Cr with a Net NPA Zero status, showcasing its resilience and strategic initiatives in a challenging economic landscape.
Arohan Financial Services recorded a 38.47% increase in sales, reaching Rs 435.56 crore in Q4 FY2024, up from Rs 314.56 crore in the corresponding quarter of the previous fiscal year. For the full year, net profit rose 343.75% to Rs 313.82 crore in the year ended March 2024 as against Rs 70.72 crore during the previous year ended March 2023. Sales rose 48.78% to Rs 1591.17 crore in the year ended March 2024 as against Rs 1069.45 crore during the previous year ended March 2023.
As of March 31, 2024, Arohan operates in 16 states, having expanded into Gujarat, Uttarakhand, and Haryana, and established a Zonal Office in Bengaluru, Karnataka, marking its entry into southern India. With 9,333 employees, the Company served over 2.4 million customers across 975 branches by the end of the fiscal year. Arohan’s remarkable achievements in FY 2024 garnered widespread recognition and acclaim, exemplified by a string of prestigious awards and accolades including an upgrade in credit rating to A (Stable Outlook), 3 prestigious “Award of Merits” at SKOCH 2023; Asset AAA IT/Cash management award; ISO 9001 recertification of our Internal Audit unit; ISO 27001 recertification of the IT Security network; Gold standard CPP certification by MFR, and Mr. Manoj Nambiar, our Managing Director, being back on the MFIN board, our SRO as the Vice Chair amongst many others. Notably, the organization’s attainment of the highest-ever score of 92 in the Great Place to Work® Trust Index© Employee Survey underscores its commitment to fostering a positive and empowering work culture. With this, the Company has achieved its position amongst the Top 25 BFSI, India 2024, amongst Top 50 Best Companies India across sectors, and has bagged the recognition of the coveted Best in the Microfinance Industry.
