Oxyzo Financial Services Limited has announced audited financial results for the fiscal year ending March 31, 2024, and reported a substantial increase in its revenue from operations, which soared to ₹903.38 crore for the year ended March 31, 2024, up from ₹569.91 crore in 2023.
This 58.5% rise was primarily driven by a significant increase in interest income, which surged by 61.4% to ₹866.40 crore from ₹536.69 crore the previous year.
Fee and commission income also saw a robust increase of 50.3%, reaching ₹36.33 crore compared to ₹24.17 crore in 2023.
Total Income Growth
Including other income of ₹0.74 crore, the total income for the year catapulted to ₹904.12 crore, a significant increase from ₹570.50 crore in the prior year.
Managing Rising Expenses:
The company’s total expenses for the year rose to ₹514.26 crore from ₹309.43 crore, indicating a 66.1% increase. Major expense categories included:
- Finance Costs: Increased to ₹317.35 crore from ₹183.33 crore.
- Impairment on Financial Instruments: Rose to ₹37.42 crore from ₹27.75 crore.
- Employee Benefits Expenses: Up to ₹115.58 crore from ₹77.94 crore.
Despite the rise in expenses, Oxyzo managed to achieve a significant increase in its profitability.
Profit Before and After Tax:
Profit before tax surged by 49.3% to ₹389.86 crore from ₹261.07 crore in 2023.
After accounting for a total tax expense of ₹99.29 crore, the profit after tax stood at ₹290.57 crore, compared to ₹197.51 crore in the previous year, marking a 47.1% increase.
Net Profit Takes Off:
The net profit for the year reached an impressive ₹290.21 crore, significantly up from ₹197.32 crore in 2023.
Comparative Performance:
| Metric | 2024 (₹ crore) | 2023 (₹ crore) | Change (%) |
|---|---|---|---|
| Revenue from Operations | 903.38 | 569.91 | +58.4% |
| Interest Income | 866.40 | 536.69 | +61.4% |
| Fee and Commission Income | 36.33 | 24.17 | +50.3% |
| Total Income | 904.12 | 570.50 | +58.5% |
| Total Expenses | 514.26 | 309.43 | +66.1% |
| Finance Costs | 317.35 | 183.33 | +73.1% |
| Impairment on Financial Instruments | 37.42 | 27.75 | +34.8% |
| Employee Benefits Expenses | 115.58 | 77.94 | +48.3% |
| Profit Before Tax | 389.86 | 261.07 | +49.3% |
| Profit After Tax | 290.57 | 197.51 | +47.1% |
| Net Profit | 290.21 | 197.32 | +47.1% |
Earnings Per Share:
Earnings per share (EPS) also saw notable improvements:
- Basic EPS: Increased to ₹42.64 from ₹29.20.
- Diluted EPS: Rose to ₹40.18 from ₹27.91.
Conclusion
Oxyzo Financial Services Limited’s strong financial performance highlights its strategic agility and operational excellence. The company’s substantial increases in revenue and profit based on its audited financial results for the fiscal year ending March 31, 2024, are clear indicators of its robust health and promising future.
