Abans Holdings Limited records growth across key financial metrics
Feb 14, 2024
Mumbai (Maharashtra) [India], February 14 : Abans Holdings Limited, a name in the realm of diversified financial services, has unveiled its financial performance for the third quarter (Q3) of fiscal year 2024.
According to a press release, the company's latest report underscores significant growth across various financial indicators, solidifying its position as a pivotal player in the industry.
Abans Holdings Limited witnessed a remarkable 168 per cent year-on-year increase in agency income, surging to Rs 71 crore in the first nine months of FY24. This substantial growth underscores the company's robust performance across diverse business segments.
The lending income exhibited robust growth, escalating by 71 per cent year-on-year to Rs 25 crore in the first nine months of FY24, compared to Rs 15 crore in the corresponding period of FY23.
The company's operating profit demonstrated robust expansion, recording a staggering 120 per cent year-on-year increase to Rs 99 crore in the first nine months of FY24.
This impressive growth trajectory reflects Abans Holdings Limited's strong financial standing and strategic acumen.
In Q3 FY24, the company witnessed consolidated revenues surge by 39 per cent quarter-on-quarter, reaching an impressive Rs 501.2 crores.
This growth further underscores the company's ability to capitalize on strategic opportunities and deliver value to its stakeholders.
Abhishek Bansal, founder and chairman of Abans Holdings Ltd, expressed his delight at the company's performance, attributing it to the company's relentless focus on strategic priorities and commitment to excellence.
Bansal said, "The company's relentless focus on strategic priorities and commitment to excellence has enabled them to achieve significant growth milestones. Abans Holdings Limited looks forward to building upon this momentum in the coming quarters, leveraging its strengths to further solidify its position as a leading player in the financial services space".
Abans Holdings Limited's strategic focus on its asset management business has yielded targeted results, with operating profit for the first nine months of FY24 surpassing that of FY23, reaching an impressive Rs 99 crore compared to Rs 73 crore.
This strategic decision underscores the company's unwavering commitment to maximizing returns and promoting sustainable growth.
The significant increase in asset management activity, coupled with enhanced income from the lending business, has been instrumental in driving the company's exceptional performance.
The agency business, in particular, has played a role in driving advancement, fueled by the expansion of assets under management, augmented revenue from remittance services, and an expanding consultancy income.
