CRISIL upgrades long-term rating of InCred Finance to ‘AA-/Stable’ from ‘A /Stable’

livemint.com:

CRISIL has upgraded the long-term rating for InCred Finance to ‘CRISIL AA-/Stable’ from the earlier rating, which was ‘CRISIL A /Stable’. The upgrade in the ratings was on the back of strong capitalization of the company supported by high pedigree of investor base, coupled with steady improvement in earnings profile. The ratings also factored in InCred’s diversified loan portfolio.

InCred Finance reported a net worth of Rs. 3,218 crore as on December 31, 2023, compared to Rs. 2,484 crore as on March 31, 2023.

InCred Finance’s loan book grew to Rs. 8,013 crore as on December 31, 2023, marking an annualized growth of 43 per cent over that as on March 31, 2023 when it was at Rs. 6,062 crore.

The increase in net-worth was supported by the Rs. 500 crore equity capital raised by the company in December 2023 along with profit accretion during the period. The upgrade also comes on the back of significant growth reported by the firm, underpinned by a big jump in profitability with 9M 2024 profit-before-tax (PBT) of Rs.