Profectus Capital Reports 129% Profit Growth In H1FY24

Profectus Capital has reported its Q2FY24 results, revealing a remarkable 129 per cent increase in profit for H1FY24, with assets under management (AUM) reaching Rs 2,689 crores as of 30 September 2023.

Commenting on the results, K V Srinivasan, Executive Director and CEO, Profectus Capital, said, “Our strong performance in this quarter reflects the strength of our distribution and credit processes. I believe that the time is ripe for us to reap the benefits of our investment in people, processes, technology and culture and increase the scale and profitability of our operations. The macro-economic factors are very positive for secured lending to MSMEs and Profectus Capital would endeavour to emerge as the most preferred financier to the sector over the next few quarters." 

While commenting on the credit rating upgrade to CARE A(Stable) he stated, ‘’The revised outlook accurately reflects our strong capital adequacy, prudent gearing levels, and our consistently low levels of non-performing assets (NPAs). We have shown sustained operational scale growth, with a return on total assets (ROTA) approaching 2 per cent and our successful mobilisation of equity capital for future business expansion."