Business

Foxhog Ventures reports Q1 2023 results with highest quarterly profit of USD 104.12 million and profit jumps to 29.4 per cent throughout its global operations

Sep 23, 2022

New Delhi [India], September 23 (ANI/PNN): Foxhog Ventures is a US-India venture capital fund established by brilliant business technology entrepreneurs and consumer internet. Foxhog has been a leader in agricultural products, fashion, lifestyle, education, and worldwide technology.
The company announces its highest quarterly Net Profit of USD 104.12 million in Q1 FY23, witnessing a growth of 29.4 per cent YoY excluding dividend income from subsidiaries, and core operating profit grew by 21.1 per cent y-o-y.
Foxhog an investment leader shares further that average current account deposits increased by 23.0 per cent y-o-y and 2.9 per cent whereas the Average savings account deposits increased by 19.1 per cent y-o-y and 4.4 per cent sequentially in Q1-2023 respectively. Period-end term deposits grew by 11.4 per cent y-o-y on June 30, 2022. Additionally, the company's Average Seed Fund increased by 23.0 per cent y-o-y and 2.9 per cent sequentially in Q1-2023.
Additionally, the company reported Return on Equity (RoE) at the end of FY22 standing at 13.92 per cent which is higher by 398 bps YoY. Operating Profit for FY22 grew by 2.22 per cent YoY to USD 420 million: while Operating Profit for Q1FY23 at USD 70 million.
The Managing Director and India Head of Foxhog, Tarun Poddar, stated that "the fiscal year 2022 was yet another successful year. Despite the substantial cost and operational obstacles in our current economy, the Foxhog team's accomplishment of our integrated initiatives generated solid top-line expansion, profit growth, and a sizable cash return to shareowners. We anticipate strong headwinds for the fiscal of 2023 after such tremendous results. Our combined strategies of quality, productivity, disruptive innovation, and an adaptable and responsible organizational structure remain our top priorities."
Foxhog Ventures invests in companies that have the potential to positively impact the domestic and global economy by empowering people and enabling innovation. They are passionate about finding and supporting companies that are re-imaging the way the industry works.
Moreover, Foxhog provides one of the finest portfolios of high-quality, reputable, and leading brands to customers worldwide, including TOM & MON Corporation, Cook N Eat, and Indian Cyber Army, to name a few. Their subsidiary Sumanchna Springedge Healthcare is India's fastest-growing healthcare organization, which seeks to offer affordable medical services all across the globe.
With a portfolio of over 26 investments and the acquisition of 8 businesses in India over the course of the past year, this capital firm set a record-breaking close of USD 943.6 million in the previous financial year of 2020 by concentrating on small scale startups, particularly from tier 2 cities. Presently, Foxhog is spread across 29+ Branches over the Globe, present in 6+ Countries, and led 450+ Investment and Lending Engagements.
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