I am happy to share that we have recorded a net profit of 498 crore with an improvement of 77% year-on-year, driven by profitability in gold loan and consolidation in Microfinance business which has witnessed a clear turnaround.
The consolidated AUM has touched 37,086 crores in Q1 representing an increase of 20.6% over the year-ago quarter.
The company's Micro Finance subsidiary, Asirvad, has posted an AUM of Rs 10,141 crore showing a growth of 44.6% year-on-year and net profit of 111 crores during Ql vis-à-vis net loss in the year-ago quarter.
We continue to post maximum growth in the vehicle finance business recording 59.8% increase year-on-year with an AUM of 2,805 crores followed by home loans with AUM of 1,203 crores, registering 37.5% increase over the corresponding quarter in FY '23.
So, gold loan, we hope to maintain a yield between 21% to 22%. That is yes, our schemes are structured like that, and we hope to maintain that.
We plan to grow at around 10% to 12% annually by increasing the customer base. It is not just rallying around the gold price. So, customer acquisition is seen improving, and that is the reason for our expectation to grow at a rate of 10% to 12% annually, which has been told earlier also.
So, during the quarter, we are at around Rs. 57 of write-offs. Entirely from Micro Finance book. We are not expecting such write-offs in the coming quarters.
See, every quarter, every day we are adding almost 5,000, 5,300 new customers. So, that trend is improving as the category of customers which we are addressing is also becoming active. So, we are seeing an improvement in the new customer addition. So, that is helping us to grow the business.
