Oxyzo, the lending division of Business, has reported an impressive 185% surge in profit after tax (PAT) to Rs 197 crore in FY23. This substantial increase in profitability can be attributed to a remarkable 79% rise in total income to Rs 562 crore. Additionally, Oxyzo’s loan book expanded by an impressive 80% to reach Rs 4,800 crore during the year.
Several key factors contributed to Oxyzo’s outstanding performance in FY23. Firstly, the company greatly benefited from the growth of the Indian MSME (micro, small, and medium enterprises) sector. Secondly, Oxyzo’s focus on digital lending played a pivotal role in its success. Lastly, the company’s robust credit underwriting process further bolstered its performance.
Oxyzo is poised for sustained growth in the coming years. With the Indian MSME sector projected to experience a compound annual growth rate (CAGR) of 10-12%.
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Here are some of the key takeaways from Oxyzo’s financial results for FY23:
- PAT jumped 185% to Rs 197 crore.
- Total income increased 79% to Rs 562 crore.
- Loan book grew 80% to Rs 4,800 crore.
- MSME sector growth is driving Oxyzo’s growth.
- Oxyzo is well-positioned for future growth and to capture a substantial portion of this growth.
