Dear Shareholders,
It is with diametrically opposite feelings of pride and humility that I
am connecting with all of you this year. February 05, 1996 is a date that has remained
etched in our memories, the day that saw the birth of your Company. June 26, 2024 is
another date that would remain indelibly in our heart and soul, the day that saw your
Company emerge as a listed entity. Both these were moments of immense pride. But the way
the entire listing panned out showed me how it is important to remain humble amidst all
achievements and glory.
IPO is one of the most important dreams of every entrepreneur. The
feelings of an entrepreneur at the time of his / her Company's listing are the same as the
feelings experienced by a mother who sees her son or daughter reach a coveted position in
the world. Words are inadequate to express those emotions. And I experienced this moment
for myself when the clock struck 10 am on June 26, 2024. It was a long journey that
culminated when we rang the bell in the National Stock Exchange to commence the listing of
your Company's shares, but by no means was this journey an easy one.
I rmly believe, responsible businesses are sustainable businesses in
the long run. Beyond being recognized as India's most reliable financial services
provider, we function as a powerful means of fostering inclusivity and empowerment across
all segments of society. Our commitment to accountability seamlessly aligns with this
underlying business ideology. Evaluating our achievements over the past year requires
considering the lens of responsible value generation for every stakeholder.
I'm delighted to share with you the Annual Report of Akme Fintrade
(India) Limited for the scal year 2023-24. Our extensive coverage, profound grasp of
customer requirements, ef ciency, speedy service, and trustworthiness persistently
position us as the favoured choice in retail nancing, even amidst these demanding
circumstances. This truly reflects our joint efforts over the years to fulfill our goal-
fostering financial access and improving the lives of people across all societal levels.
Economic landscape
On a macro level, the global economy observed a moderation in growth
due to a convergence of multiple factors that had an impact on the majority of the major
economies. In the context of India, the GDP growth stood at 8.2%, which was less than the
previously predicted 9.6%.
In the eld of industries, the year 2023-24 has shown positive results
for Non-banking Finance Companies (NBFCs), indicating an encouraging growth trend for the
sector. The RBI took various steps to enhance the management and risk oversight of NBFCs
and create new avenues for these companies to secure funds and ensure their financial
stability. NBFCs are actively exploring innovative methods to nance their expansion, and
the RBI is aiding this process by simplifying the system. NBFCs have a vital role in
sustaining demand for consumption as well as facilitating capital formation in the small
and medium-sized industrial sector, making them indispensable to the Indian financial
landscape.
Performance in perspective
We remained on track in ensuring consistent performance. In the year
being evaluated, our loan assets under management increased to Rs. 40,372.00 /- Lacs,
compared to Rs. 35,416.00/- Lacs in the previous year.
Our total revenue during the year is Rs. 7350.12/- Lacs compared to Rs.
6,956.82/- Lacs in the previous year, whereas our profit after tax Rs. 1,852.92/- Lacs
compared to Rs. 1,451.86/- Lacs in the previous year.
These numbers highlight the strong commitment within our company. We
have kept growing steadily over time, and I'm delighted to share that our collective
efforts have helped us achieve a net worth of Rs. 21,968.11/- Lacs and an Earnings per
Share of Rs. 5.85/- as of March 31, 2024.
Responsible in every sense
Aligned with our core mission of empowering the often neglected
sections of society, we also channel our efforts into fostering comprehensive progress. I
can con dently af rm that anyone who has been linked with our organization can attest to
the fact that our aim extends beyond mere profit generation; rather, it encompasses a
profound drive to catalyse meaningful change in individuals' lives. Our dedication to
community well-being seamlessly integrates with our strategy for advancement.
The well-being of our esteemed shareholders, who have shown their con
dence in the Company, has consistently ranked as a top priority for the Board of
Directors. Your backing and motivation hold great significance in propelling our company
towards success. Both the Board and the executive leadership acknowledge their duty to
ensure your investment in us translates into valuable returns.
We look forward to the future with renewed optimism as AFIL is focused
on measurable outcomes. Our Future plans offers a clear roadmap and we believe that we
have a bright opportunity ahead of us. Our targets are set, as we get ready to explore and
create more milestones ahead. We owe a debt of gratitude to all the employees for helping
build your Company and its businesses. We could not have done this without our
shareholders and the communities we operate within. I envision greater achievements for
your Company in the years to come and look forward to a successful year ahead.
Warm regards
Nirmal Kumar Jain
Chairman & Managing Director