IPO-bound Veritas Finance Q3 results: Net profit rises 9% to Rs 68.93 cr

Veritas Finance, a retail-focused non-deposit-taking non-banking financial company (NBFC), has posted a net profit of Rs 68.93 crore during the third quarter of the current financial year, up 9 per cent from Rs 63.36 crore during the October to December period of FY24.

 

Its total income also increased to Rs 399.7 crore, growing 34.6 per cent. The company recently filed its draft red herring prospectus (DRHP) with the market regulator for a proposed initial public offering (IPO), with a fresh issue of Rs 600 crore and an offer for sale of Rs 2,200 crore.

 

Veritas is the fastest-growing NBFC in terms of assets under management (AUM) growth among compared peers for the period between FY22 and FY24, with a compounded annual growth rate (CAGR) of 61.76 per cent, according to a CRISIL report.

 

The NBFC has delivered consistent profitability, with a CAGR of 80.27 per cent between FY22 and FY24. The company has grown its net profit to Rs 68.93 crore as of December 2024.

 

For the first nine months of FY25, its total income increased by 42 per cent to Rs 1,116 crore from Rs 786 crore in FY24. Profit after tax increased by 22.25 per cent to Rs 202.04 crore in FY25 from Rs 165.26 crore in FY24.

 

"The company focuses on addressing the financial needs of underserved and underbanked micro, small, and medium enterprises (MSMEs) and individuals by providing access to credit. It offers a range of products, including small business loans, housing loans, used commercial vehicle loans, and working capital loans," it said in a statement.