Indel Money Limited NCD on Aspero

Issuance Details

Indel Money Limited NCDs are rated BBB+ (Stable) by ICRA, indicating moderate credit risk. Indel Money issuance offers yield up to 13.70% available exclusively on Aspero and have a remaining tenure of roughly 1.5 year.

About Company

Indel Money Limited, established in 1986, is a Mumbai-based Non-Banking Financial Company (NBFC) regulated by the Reserve Bank of India (RBI). The company specializes in offering a range of financial services, with a primary focus on gold loans, which constitute 92% of its portfolio. Additionally, Indel Money provides loans to Micro, Small, and Medium Enterprises (MSMEs), loans against property (LAP), and personal loans. Operating through a network of over 325 branches across 14 states, including Kerala, Tamil Nadu, Karnataka, Andhra Pradesh, Telangana, Maharashtra, Odisha, Madhya Pradesh, and the Delhi NCR region, Indel Money serves a diverse clientele of more than 105,000 active borrowers. The company's commitment to financial inclusion and customer-centric lending solutions has positioned it as a trusted name in India's financial services sector.

Promoters and Management

Indel Money Limited's leadership team comprises seasoned professionals with extensive experience in the financial sector:

Meet Our Team

Mohanan Gopalakrishnan

Chairman & Managing Director who is a banking professional with over 38 years of experience in the Gulf Cooperation Council (GCC) region. He served as the head of trade finance operations at United Arab Bank, UAE, for 11 years starting in 2001. Alongside his sons, he promoted Indel Corporation Private Limited, an investment company with interests in finance, automobile, hospitality, and infrastructure sectors.

Umesh Mohanan

Executive Director & CEO who is is an investment professional with over two decades of experience managing investment verticals. He has a proven track record of leading a Middle Eastern multinational conglomerate, overseeing its global operations across sectors such as banking investments, infrastructure construction, oil and gas, power stations, defense supplies, manufacturing, and commodity trading. As Executive Director & CEO of Indel Money, he leverages his multinational business expertise to drive the company's growth and expansion.

Financial Performance

As of March 31, 2024, Indel Money Limited reported a total revenue of ₹29,113.19 lakh, reflecting a strong 55.45% growth from ₹18,729.15 lakh in the previous fiscal year. The company's total expenses stood at ₹23,537.46 lakh, increasing by 48.85% compared to the prior year. Indel Money achieved a profit after tax (PAT) of ₹3,986.13 lakh, marking an impressive 94.05% growth from ₹2,054.12 lakh in FY2022-23. This substantial increase in revenue and profitability highlights the company’s effective operational strategies and expanding market presence.

Credit Rating

In terms of credit ratings, CRISIL Ratings has assigned and reaffirmed its 'CRISIL BBB+/Stable' rating to Indel Money's non-convertible debentures (NCDs), indicating a moderate degree of safety regarding timely servicing of financial obligations.

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