Message From
Managing Director
Dear Shareholders
I am delighted to present to you the 17th annual report of the company. I feel privileged to have led Asirvad as its Managing Director during FY 2023-24. The company has successfully achieved new milestones and registered growth during the year.
The FY 2023-24 is a momentous year for the company as it enters its 18th year of operations. The last financial year marked a significant milestone for the company, as the company made a good progress on many fronts. During the year, it touched highest AUM, revenue and profit, representing the best performance since its inception.
During the financial year, we continue to record growth in AUM. AUM reached ₹ 11,880.54 Crores, which grew by 18.32% Y-o-Y. We disbursed MFI loans worth ₹ 9,322 Crores and the number of our active customers stood at 39 Lakhs. Asirvad’s operating income increased by 55.29%, to reach ₹ 2,732 Crores in FY 2023-24. This growth is attributed to our diligent efforts in expanding our outreach and strengthening our lending operations. Furthermore, our active customer base has expanded which demonstrates the continued trust and confidence of our borrowers in the company.
The company continued its profitability journey, and our PAT doubled in the financial year to ₹ 458 Crores in FY 2023-24 from ₹ 223 Crores recorded in FY 2022-23. The significant growth in profits suggests huge market opportunity available for long-term growth of the company. Healthy capital buffers and improvement in collections will ensure disbursements are ramped up in the coming fiscal as well. Our network criss-crosses the country.
Your Company was the first NBFC-MFI in the country to be awarded rating of AA- by CRISIL. We have consistently maintained this creditworthiness, a true reflection of our robust risk management practices and processes.
At Asirvad, we’re firm believers that technology is the key to financial inclusion, and we’re putting our money where our mouth is! We’ve invested heavily in building a powerful digital ecosystem, starting with a fully integrated core banking system. We have a core banking solution based loan management system integrated with core business functions of digital and offline collections, human resources and attendance, dedicated learning platform, borrower support, borrower grievance redressal, accounting, treasury, asset management and legal tracking. This puts us at the forefront of innovation, allowing us to:
Offer cashless disbursements: Say goodbye to cash! We disburse loans electronically, making the process faster and more secure.
Leverage cutting-edge cloud infrastructure: Our state-of-the-art cloud system ensures everything runs smoothly and securely.
Streamline customer onboarding: We use real-time integration with CIC for faster loan underwriting and automated KYC checks, making the process efficient for you.
Embrace a paperless future: From centralised ledgers to a digital learning platform, we’ve minimised paper usage, promoting a more sustainable and efficient environment.
The dedication and teamwork of our entire team are the bedrock of these achievements and advancements. It brings us immense satisfaction that your Company’s success goes hand-in-hand with empowering rural entrepreneurs and fuelling the nation’s economic engine. This, in turn, strengthens the overall economic fabric of the country, creating a virtuous cycle of growth and prosperity. Your Company recognizes the critical role that Microfinance Institutions (MFIs) play in bridging this financial gap, and we are committed to continuing this important work, ensuring no community is left behind.
As we celebrate our achievements, I would be remiss not to acknowledge the incredible support that has paved the way for our success. First and foremost, I want to express my heartfelt appreciation to the regulators. Their guidance has been instrumental in steering us on the right course, ensuring not only our own prosperity but also empowering us to extend a helping hand to those who are less fortunate. I am also deeply grateful to our esteemed Board members and the parent company. Their invaluable support and direction have been a constant source of strength and strategic wisdom. Finally, a deep thank you goes out to our shareholders and customers. Their unwavering trust in our mission is what fuels our continued growth. It’s this collective belief that allows us to push boundaries and make a positive impact on the communities we serve.
The journey of Triangle has only begun. Together, we push the boundaries, prepare for what’s to come, and break new ground to become the leaders of tomorrow.