It is with great pleasure that I present to you the Company's Annual Report for FY17against the backdrop of increasing optimism within India. At the onset I would like tothank each and every shareholder of our Company who has shown utmost trust and con denceon the business model its management and its business strategy.
The sector of Non-Banking Financial Company in which we operate play an important rolein nation building and financial inclusion by complementing the banking sector in reachingout credit to the unbanked segments of society especially to the micro small and mediumenterprises (MSMEs) which form the cradle of entrepreneurship and innovation. Ourground-level understanding of the customers' profile and their credit needs gives us anedge as does our ability to innovate and customise products as per our client's needs.This makes us the perfect channel for delivering credit to MSMEs. The NBFC sector in Indiahas undergone a significant transformation over the past few years. It has come to berecognised as one of the systemically important components of the financial system and hasshown consistent year-on-year growth. As of November 2016 the outstanding credit to NBFCsstood at USD 55.27 billion growing at a rate of 25 per cent on Year on Year basis. Bankcredit granted to Non-Banking Financial Companies (NBFCs) has touched the highest in 3years.
I am pleased to share with you that this year marks 25th year of our company being inbusiness. Our total income grew from Rs. 193 Crores to Rs. 250 Crores a growth of 29%over the period as compared to previous year. We are even more pleased that we have beenable to maintain our asset quality at high standards. Profit after tax grew from Rs. 45Crores to Rs. 51 Crores a growth of 14%. Our AUM grew from Rs. 1293 Crores to Rs. 1534Crores witnessing a growth of 19 %. We have built an extensive reach of 26 locationsacross the country to service our client base. Keeping this in mind during the financialyear 2016-17 we have opened various new branches.
I'm happy to inform you that your company continues to enjoy a credit rating of INDA-.There have been notable trends in the NBFC space like focus on financial inclusion -RBI has emphasised the need to focus on spreading the reach of banking services to theunbanked population of India. Focus towards Jan Dhan Yojana - Key objective of PradhanMantri Jan Dhan Yojana (PMJDY) is to increase the accessibility of financial services suchas bank accounts insurance pension credit facilities etc. mostly to the low incomegroups. Under the Jan Dhan Yojana as on April 5 2017 282.3 million new accounts wereopened & around USD 9515.30 million were deposited with the banks under this scheme.
We are reaping benefits from increased usage of technology. Now we are able to domobile loan financing in just 24 Hrs. All it requires is Aadhar Card and Bank account andwith the help of technology we use we are able to deliver small ticket size loans within24 hrs even in remote locations where the company operates.
The NBFC segment is a catalyst to the economic development of the country. The RBI isconstantly striving to bring necessary changes in the NBFC regulatory space to proactivelyprovide regulatory support to the segment and also to ensure financial stability in thelong run. We hope that the forthcoming changes in the pipeline will further strengthen therobustness of the sector and allow us to operate in an enabling regulatory environment.
I would like to assure you that all our employees are working extremely hard with greatdedication high energy and strong commitment through the year for your Company. Isincerely thank them all. I would also like to thank all our stakeholders for reposingtheir faith in us and thank our regulators for their constant support and guidance.
We will continue to stay focussed on creating value for both external and internalstakeholders. I wish to express my thanks to all our Directors for their valuablecontribution.
I thank you all once again and offer my best wishes for a fivery bright and prosperousyear ahead.