• Earnings and guidance: First-quarter net profit grew 13-fold year-on-year to ₹81 crore, supported by a 50% increase in disbursements to ₹2,644 crore and lower credit costs of 2.6%. The company raised its full-year loan growth guidance from 15% to 20% and maintained a return on assets guidance of 3.3%.
• Portfolio diversification: The share of non-JLG loans reached 24% of the portfolio, driven by individual loans to prime borrowers with credit scores above 700. This individual loan book stands at approximately ₹3,200 crore with negligible 30+ delinquency of 0.02%.
• Gold loan expansion: Operating through a 60:40 co-lending partnership with Muthoot Fincorp, the company disburses around ₹100 crore per month and targets ₹1,200 crore in disbursements to build an AUM of ₹500 crore to ₹600 crore this financial year.
• Margin trajectory: Net interest margin expanded to 12% in the first quarter and is guided to reach 12.5% by year-end. Margin expansion is expected to be driven by improved yields and lower funding costs following a credit rating upgrade to AA-.