Please find enclosed the audited financial results for the Quarter and Financial Year ending March 31, 2025
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Moneyboxx Finance, an RBI-registered NBFC (Base Layer), reported audited FY25 results with total revenue from operations rising ~56% YoY to Rs. 19,894 lakhs, driven by interest income of Rs. 17,060 lakhs. However, profit after tax fell sharply to Rs. 124.9 lakhs from Rs. 914 lakhs in FY24 (~86% decline), hit by a ~296% jump in impairment on financial instruments to Rs. 2,812 lakhs amid rising delinquencies in the unsecured lending space. Q4 FY25 alone slipped into a loss of Rs. 528.6 lakhs, and the gross Stage 3 (NPA) ratio worsened to 6.61%. The auditor issued a clean (unmodified) opinion on the financial results but flagged, as an Emphasis of Matter in the debenture certificate, the company's non-compliance with certain asset quality loan covenants since December 2024 — waivers have been requested and no lender has taken adverse action. The company raised Rs. 155 crores via secured NCDs in Q4 and plans to seek an additional listing on NSE.
Strong loan-book growth is being overshadowed by sharply rising credit costs and loan-covenant breaches, which is a negative for near-term earnings and stock sentiment. However, healthy capital adequacy (29.25%), a low debt-to-equity ratio (2.44x), the planned NSE listing, and improving collection trends from November 2024 onwards provide some comfort for shareholders.