Viji Finance Limited Earnings Summary — Q3 FY2024

• Revenue grew 50% YoY to ₹0.51 Cr, marking one of the strongest top-line quarters in recent years, though absolute values remain very small.
• Despite higher revenue, net profit fell to ₹0.03 Cr from ₹0.05 Cr in the previous quarter, impacted by rising interest and operational expenses.
• Financing margins saw significant compression, dropping to 23.53% in Q3 FY24 from 38.10% in Q2 FY24 and a peak of 75.71% in Sep 2022.
• Borrowings have climbed significantly over the trailing twelve months, reaching ₹12.06 Cr as of the end of the fiscal cycle, impacting interest costs.
• The company's Return on Equity (ROE) has stayed at an extremely low level of approximately 1.16%, indicating poor capital efficiency.
• Promoter holding has seen a major structural decline from historical levels of 74% to approximately 39% by mid-2026.

Management has not provided specific forward-looking numerical revenue or profit targets, focusing instead on routine compliance and maintaining NBFC registration standards.

Deteriorating

While revenue showed a nominal uptick, the sharp contraction in financing margins and the persistent inability to scale net profits despite increased borrowing signals a weakening fundamental outlook.

The outlook remains cautious as the company faces negative 5-year sales growth and a massive valuation disconnect (P/E over 1000x) relative to its negligible earnings power.