Dear Fellow Stakeholders,
Warm greetings to all of you as we are presenting the 33rd
Annual Report of the Company for the FY2023-24.
Your Company has scored well on all key parameters of financial and
non-financial performance in the year under review. These include growth metrics such as
loan AUM, branch network, employee addition, digital reach, as well as profitability
metrics such as post-tax earnings, return ratios, margins, and so on. This performance
reflects your Company's ability to identify opportunities, build relevant strategies
and execute them efficiently
I am delighted to share with you key performance highlights of your
company for the financial year 2023-
24 .Here are some key facts:
? Profit before tax grew by 29.36% to Rs.1,809.71 Lakhs
? Profit after tax rose by 24.52% to Rs.1,292.39 Lakhs
? Asset Under Management was up by 21.56% to Rs.36,571.83 Lakhs
? The Company ended the year with net non-performing assets (net NPA)
accounting for 0.64% of its total loan book
? Capital adequacy as on 31 March 2024 stood at 45.64%, which is
well above the RBI norms
Your company has expanded its footprints in the State of Madhya Pradesh
and Gujarat by opening new branches and is in process to further strengthen its presence
and customer reach Maharashtra by opening new branches. This step will further enhance the
presence of the Company in different geographical locations, enable it to penetrate new
markets and expand its reach to a wider number of customers for offering and delivering
financial services in transparent manner. We will also explore the potentiality of
entering into new geographies.
Future Growth Drivers: Unlocking Potential for Success:-
? The business in Madhya Pradesh is thriving, with operations and
growth progressing rapidly. Disbursements are increasing at a steady rate of 15% on a
month-to-month basis. ? Company will open new branches in Maharashtra by the end of Q2
FY25. ? On track to achieve incremental Rs. 100 Cr AUM from Madhya Pradesh & Gujarat
in FY25. ? The company aims to achieve an AUM of Rs. 500 Cr by FY25 & 600 Cr by FY26 ?
Expand to 75 branches across four states by FY 2024-25 and 100 branches by March 2026. ?
Upcoming Products in Consideration i.e. Micro Housing loan, 2-Wheeler loan, Co-lending.
With respect to liability management, we will continue to maintain an
ideal debt resource mix, ensuring continuous flows of funds while maintaining optimum
utilization of capital.
The company sees immense opportunities for geographical expansion,
aiming to create a highly diversified portfolio. It emphasizes digitalization and AI
integration to alleviate manual workload, ensuring more accurate processes that enhance
Turn around Time (TAT) and customer service efficiency.
As we move forward, we intend to stay anchored to our belief that
growth along with quality is the key to enhance shareholders' value. Our
responsibility towards our valued shareholders, who have placed their trust in the
Company, has always been of paramount importance to your Board of Directors. Your support
and encouragement are critical to your company's success. The Board and the executive
leadership recognize their responsibility towards delivering value for your investment in
us.
On your behalf, allow me to congratulate Mr. Aman Baid, Whole Time
Director, Mr. Aditya Baid, Chief Financial Officer and the rest of the management team for
performing so well while maintaining high standards of financial care and probity.
The journey of Baid Finserv Limited is never ending. But with the
support of my team and clients, I am confident that the company will continue to scale
milestones of excellence for years to come. We, at Baid Finserv, cherish your association
with us and remain committed to delivering value to you sustainably.
May it continue to scales greater heights in times to come as Baid
Finserv Limited, new avatar of Baid Leasing and Finance Co. Ltd.
| Thank you for your support. |
| Yours sincerely, |
| Sd/- |
| Panna Lal Baid |
| Chairman and Managing Director |
| DIN: 00009897 |