Results · Financial Services

InCred posts Rs 121 crore net profit in FY23

By Startup Enthusiast · 8 January 2024

What they do

InCred is a non-banking financial company (NBFC) offering consumer, student and small business loans

It reported a net profit of Rs 121 crore for FY23, up from Rs 31 crore in FY22, with revenue of Rs 877.5 crore

The company plans to enter the insurance business and has a loan book of Rs 7,500 crore

InCred Finance reported a net profit of Rs 121 crore for FY23, up from Rs 31 crore in FY22.
Total revenue for FY23 was Rs 877.5 crore, a 67% increase from Rs 488 crore in the previous year.
Interest income, which makes up 95% of operating revenue, rose 74% to Rs 823 crore.
Finance costs increased 62.6% to Rs 356 crore, while total costs (employee benefits, IT) rose 30.7% to Rs 630 crore.
The cost-to-income ratio was Rs 0.73 to earn a rupee in FY23, and the EBITDA margin stood at 30%.
The loan book reached Rs 7,500 crore over six years, with a CAGR of over 50% in the past three years.
In the first half of FY24, profit before tax was Rs 170 crore.
The company raised a Series D round of $60 million led by InCred Wealth, at a valuation over $1.03 billion.

The results show strong profitability and revenue growth for InCred.
The company's cost-to-income ratio improved, indicating better operational efficiency.
The high CAGR and expanding loan book signal rapid scaling in the NBFC space.

Product: Personal loans, education loans, secured business loans, MSME financing, and lending solutions for financial institutions
Customers: Retail customers seeking personal financing, students, small and medium enterprises, financial institutions
How it makes money: NBFC lending model with subscription-based credit products and debt financing from institutional investors