Mumbai (Maharashtra) [India], May 20 (ANI/BusinessWire India): Mangal Credit and Fincorp Ltd. one of India’s fastest-growing NBFC which is based out of Mumbai today announced its financial results for the quarter & year ended March 31, 2021, and reported that the Company’s quarterly & annual results were filed with the Bombay Stock Exchange on 19th May 2021.
Despite the pandemic, the company has performed remarkably well in this financial year and witnessed 29 per cent growth in their AUM. The company has also reported revenues from products and services of INR 1,130.50 lacs an increase of approx. 28 per cent compared to Rs. 886.52 lacs in FY 2019-20, for the year ended March 31, 2021. The revenues have been primarily derived from loan against gold & diamond jewellery and business loans to SMEs & other personal loans.
The company has recently launched several innovative products into the market, some of which have completely changed the face of the gold loan industry. They have emerged as the first and only NBFC in India to offer loans against both gold and diamond jewellery which was the factor for their stupendous growth.
Looking at the growth figures the company plans to expand not only in Mumbai but also plans to open up new branches in neighboring Gujarat to cater to the ever-growing consumer base.
Commenting on the growth and expansion plan, Meghraj Jain, MD of Mangal Credit & Fincorp Ltd. said, “The encouraging figures of the annual result have prompted us to come up with expansion plans. The first plan which we wish to achieve in the first quarter itself is coming up with at least six to eight new branches. We are also planning to take our operations interstate with plans for new branches in Gujarat. Apart from the physical branches, we are looking forward to embracing digitalization. We are even planning to go paperless in our gold loan process. Further, we are also trying to integrate newer payment gateways for a better collection mechanism in the coming years. We are also working constantly to increase the strength of our sales team. Our target AUM for 2025 is 500 cr, keeping the calculations on the conservative side.”
Looking at the present situation where people are faced with cash crunch and uncertainty, the biggest asset that they can turn towards is gold and diamond jewellery and the returns are safe and secure from Mangal Credit & Fincorp Ltd. which is trying to help individuals and businesses to stay afloat and keep fighting them during this time of crisis.