The North Eastern Development Finance Corporation Limited (NEDFi) held its 28th Annual General Meeting on Friday at its registered office at Guwahati to present its annual report for 2023-24 to shareholders.
During the year, the corporation achieved record-breaking results across various metrics. Its sanction grew to Rs 846.37 crore from Rs 798.03 crore in the previous year. As on March 31, 2024, financial assistance was extended to 19,916 projects with cumulative sanction of Rs 8,231.40 crore. The loan outstanding grew by 17.98 percent to Rs 1,833.51 crore from Rs 1,554.10 crore in the previous year.
FY24 saw a 15.29 percent increase in the gross income to Rs 239.22 crore from Rs 207.50 crore, mainly attributed to interest income. The gross profit grew by 14.19 percent to Rs 132.37 crore from Rs 115.92 crore and net profit increased by 25.25 percent to Rs 100.20 crore from Rs 80.00 crore in the previous financial year.
The North East Venture Fund, established in collaboration with the Union Ministry of Development of North East Region (DoNER) and Small Industries Development Bank of India (SIDBI), and managed by subsidiary NEDFi Venture Capital Ltd (NVCL), is supporting start-ups, early-stage, and growth-stage companies with innovative products and technologies. As on March 31, 2024, the fund had committed investments of almost Rs 100 crore to 68 start-up companies.
The corporation’s CSR initiatives have a strong emphasis on women’s empowerment, improving livelihoods, imparting valuable employment skills and nurturing the growth of the craft sector in rural and underserved areas. During the year, NEDFi provided support to a total of 515 beneficiaries spanning various trades and sectors. During the year, marketing support was extended to a total of 4,729 artisans.
