NEDFi Reports Strong Financial Growth in FY 2023-24, Net Profit Surges by 25.25% One of the key highlights was the growth in sanctions, which increased to INR 846.37 crore from INR 798.03 crore in the previous year.
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The Northeastern Development Finance Corporation Limited (NEDFi) has reported impressive financial results for the fiscal year 2023-24, with both profits and overall growth exceeding expectations. During its 28th annual general meeting held at the corporation's registered office in Guwahati, NEDFi presented its Annual Report, highlighting key achievements and a remarkable performance across various metrics.
NEDFi's gross profit for FY 2023-24 surged by 14.19 per cent, reaching INR 132.37 crore compared to INR 115.92 crore in the previous fiscal year. Its net profit saw an even more significant increase, growing by 25.25 per cent to INR 100.20 crore from INR 80 crore. The corporation's performance was largely driven by strong interest income, which contributed to a 15.29 per cent rise in gross income, bringing the total to INR 239.22 crore, up from INR 207.50 crore in FY 2022-23.
NEDFi's chairman and managing director, PVSLN Murty, emphasized the corporation's success in breaking previous records during FY 2023-24. One of the key highlights was the growth in sanctions, which increased to INR 846.37 crore from INR 798.03 crore in the previous year. By March 31, 2024, NEDFi had extended financial assistance to 19,916 projects, with cumulative sanctions amounting to INR 8,231.40 crore. Loan outstanding also saw a significant rise, growing by 17.98 per cent to INR 1,833.51 crore from INR 1,554.10 crore.
The corporation's asset quality also improved, with gross non-performing assets (NPA) decreasing to 3.10 per cent from 3.34 per cent in the previous year. This reflects the effectiveness of NEDFi's efforts to manage stressed accounts and strengthen its financial position.
As a reward to shareholders, the Board of Directors declared an 8 per cent dividend for FY 2023-24. NEDFi's continued focus on supporting the regional economy was further demonstrated through the Northeast Venture Fund, established in collaboration with the Ministry of DoNER and SIDBI. Managed by NEDFi Venture Capital Ltd (NVCL), the fund has committed investments of INR 100 crore to 68 startups, driving innovation in early and growth-stage companies.
