Dvara Kshetriya Gramin Financial Services Pvt Ltd (Dvara KGFS) reported a 230% increase in its net profit after tax for the year ending March 31, 2024, reaching Rs 47.53 crore. The city-based firm saw a profit after tax of Rs 14.36 crore in the same period of the previous financial year. The total income for the year ending March 31, 2024, rose by 47.93% to Rs 565.11 crore, up from Rs 382.01 crore in the same period of the previous year.
Dvara KGFS Managing Director and CEO LVLN Murty commented on the financial performance, stating, “We are pleased with the strong financial results achieved in FY’24 and remain fully committed to improving our operational efficiency and customer-centric approach.”
He also mentioned, “The remarkable growth in our Gross Loan Portfolio and profitability metrics underscores our dedication to financial inclusion and creating sustainable impact. Our strategy of leveraging a diverse range of financial products, along with a strong branch network and exceptional collection efficiency, has enabled us to reach more underserved individuals and communities than ever before.”
As of March 31, 2024, the total Assets Under Management stood at Rs 2,251.13 crore. The Gross Non-Performing Assets as of March 31, 2024, decreased to 2.98% from 4% as of March 31, 2023, while net NPA reduced to 1.26% from 2.36% over the same period.
Murty also highlighted, “The significant increase in our AUM (Assets Under Management) and borrower base is a testament to the trust and confidence that our customers place in us and the unwavering efforts of my team members who are at the forefront of delivering value to the customer.”
He added, “The disbursement figures and collection efficiency demonstrate the effectiveness of the financial services and the positive impact it has on rural livelihoods.”
