Tue, 03 Oct 2023

Kochi (Kerala) [India], November 16 (ANI/NewsVoir): KLM Axiva Finvest, one of the leading Gold Loan NBFCs, announced its Q2 results for FY 22-23.

The company posted a profit of Rs 15.51 crore in the second quarter of FY 22-23.

The profit for the same quarter last year was Rs. 9.03 crore. The PAT for H1 FY 22-23 stood at Rs. 11.13 crore.

For this quarter, a large share of KLM's revenue has come from the income generated from the interest, which was Rs. 132.40 crores. A robust recovery measure in place at KLM helped to reduce NPAs (non-performing assets) to 2.42%. With this, the total assets of the company stood at Rs 1,449 crore. Meanwhile, the investments have reached Rs. 1147 crores, whereas the debt stood at Rs. 1272 crores.

Commenting on the company's performance, Manoj Ravi, CEO, KLM Axiva Finvest, said, "We are happy to close this quarter on a positive note. The rise in the gold mortgages and microfinance business has helped us to secure a notable profit for this quarter. Also, a decline in NPAs has led to an increase in the overall revenue of the company.

With a well-thought-out plan for the coming quarters, we are in an excellent position to continue the growth momentum. We are pretty confident and optimistic as we work towards achieving sustained growth in the future."

Continuing its growth and expansion streak, recently, KLM launched a new gold overdraft plan, "KLM Insta Money". Customers can get 'Insta Money' plan by downloading the KLM mobile app. Under the plan, an individual can top up the loan multiple times, pay interest and repay loan 24 hours a day without physically visiting the branch. The money will be directly transferred to the customer's bank account linked with KLM without additional charges. Also, free Personal Accident Insurance cover is provided to the customer who avails this scheme.

KLM Axiva Finvest is a systemically important Gold Loan NBFC. The company has its branch presence across Pan-India. The customer base is solid, with over 2 lac customers. India's leading gold financing firm in terms of the loan portfolio is also the country's most trusted financial services brand since 1997.

Systemically important non-deposit taking NBFC is how it is known. It offers business loans secured by gold jewellery, sometimes known as gold loans, as part of its primary business. KLM Axiva Finvest primarily serves people who own gold jewellery but cannot obtain formal credit promptly or may not be eligible for credit.

It aids clients in getting the short-term cash they need to fulfil unforeseen or other needs.

This story has been provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)

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