Fino Payments Bank announced Q4FY23 & FY23 results: Q4FY23: Revenue: Rs 323.4 crore, up 13.4% YoY EBITDA: Rs 43.0 crore 46.3% YoY PAT: Rs 22.1 crore 25.4% YoY RoE: 16.7%, up +190 bps (YoY) Txn. On Fino Platform: 34.9 crore, up 63.2% YoY FY23: Revenue: Rs 1,229.9 crore, up 21.9% YoY EBITDA: Rs 136.1 crore, up 61.3% YoY PAT: Rs 65.1 crore, up 52.3% YoY RoE: 12.8%, down -84 bps YoY Txn. On Fino Platform: 120.7 crore, up 79.2% YoY Result PDF
Fino Payments Bank announced Q3FY23 results: Q3FY23 & 9MFY23: 9MFY23 PAT more than FY22 PAT EBITDA and PAT grew by 69% and 71% for the nine-month period On YoY growth, EBIDTA increased by 50.2% to Rs 38.9 crore and PAT increased by 35.5%, registering the highest quarter profitability of Rs 19.1 crore. EBITDA margins widened to 12.4% in Q3FY23 from 9.4% in Q3FY22 while PAT margins widened to 6.1% in Q3FY23 from 5.1% in Q3FY22. Total deposits grew 66% YoY from Rs 589 crore on December 31, 2021 to Rs 976 crore on December 31, 2022. Overall throughput value grew by 34% YoY to Rs 65,926 crore. Rishi Gupta, CEO & Managing Director said, “This quarter continues to demonstrate consistent performance amidst the prevailing macroeconomic challenges. Our growth and profitability-led approach is yielding good dividends. The strategic focus on customer acquisition is working well and this in my view is a cornerstone of our future success. Going forward, we will strengthen our franchise, and build on our digital and technology offerings with an emphasis on partnerships for expansion and profit generation. We aim to be the trusted financial solution provider to all our customers and deliver sustainable returns to our shareholders.” Ketan Merchant, Chief Financial Officer said, “Q3FY23 was the best performing quarter for us as we saw healthy performance across the financial and operational parameters. Our product margin increased by around 120 bps to 32.1% for this quarter. Operating leverage is playing its part wherein our revenues are growing at least 10% more than cost growth. This puts us in a sweet position to further grow on bottom line at a faster pace. Having laid a strong foundation, we are confident that our sustainable and scalable business model will give us a unique financial edge over medium to long term.” Result PDF
Fino Payments Bank announced Q2FY23 results: Revenue up 25% YoY to Rs.303 crore in Q2FY23 Net revenue margin improved from 30.3% to 30.9% on a QoQ basis EBITDA and PAT grew by 71% and 75% YoY to Rs.30.5 crore and Rs.13.8 crore, respectively EBITDA margins widened to 10.1% in Q2FY23 from 7.4% in Q2FY22 while PAT margins widened to 4.6% in Q2FY23 from 3.3% in Q2FY22 Subscription revenue increased to 30% from 25% on a QoQ basis indicating sustainable annuity income. Rishi Gupta, CEO & Managing Director said, “This quarter marks completion of 21 quarters in our banking journey and I’m amazed to see the progress we have made since the Bank’s inception in 2017. Our continuous focus on growth and profitability has given us good dividends. The strong performance during the first half of FY23, even in the midst of macroeconomic challenges, makes us confident of a strong H2 FY23. Towards our endeavour to create a sustainable and credible bank, the journey ahead looks exciting as we aim to continue the momentum and explore growth opportunities.” Ketan Merchant, Chief Financial Officer said, “Q2 was another quarter of solid execution and we continue to progress on our growth & profitable journey. Our Business model is structured to generate disproportionate bottom line growth due to operating leverage play as evident in Q2’23 PAT margin. We are confident that our well-invested infrastructure and our high margin product growth will give us a unique financial edge in H2’23 and beyond.” Result PDF
Fino Payments Bank Announced Q1FY23 Result : Strong Growth Trajectory: Throughput value excluding digital, crosses Rs 50,000 cr for the first time in a quarter Revenue up by 40% YoY to Rs 289 cr For the first time in the history of Fino, revenue in a first quarter has also grown sequentially over the last quarter of the previous financial year Transaction revenue excluding BC banking was up by 22% YoY Subscription and on-boarding revenue continued to register strong momentum with a 68% YoY growth despite moderation in on-boarding fees EBITDA and PAT grew by 111% YoY and by 223% YoY to Rs 24 cr and Rs 10 cr, respectively EBITDA margins widened to 8.2% in Q1FY23 from 5.4% in Q1FY22 while PAT margins widened to 3.5% in Q1FY23 from 1.5% in Q1FY22 If PAT is adjusted for the digital spends (these spends are more of an investment for the future), it would’ve been higher by 30% in Q1FY23 Rishi Gupta, CEO & Managing Director: “The quarter ended marked the tenth straight quarter profit. And with it half of our five year existence as a payments bank has been profitable. A remarkable achievement given the concerns, reiterating the robustness of our asset light, scalable, growth oriented business model. Our customer centric innovations, partnerships and ability to identify opportunities have been critical in our growth story. We will continue the momentum with emphasis on customer acquisition strategy and I am confident of our next growth phase driven by high growth products and digital initiatives.” Ketan Merchant, Chief Financial Officer: “At Fino, our focus has always been on strong bottom line growth. We have been able to double our PAT despite some strong headwinds on inflation. Our endeavour is to leverage the 1.14 million strong network and dovetail our digital strategy to enhance cross sell opportunities in the long run for stakeholder value creation.” Result PDF
Conference Call with Fino Payments Bank Management and Analysts on Q4FY22 Performance and Outlook. Listen to the full earnings transcript.
Fino Payments Bank declares Q4FY22 result: Fino Payments Bank crosses a major revenue milestone – FY22 revenue at Rs 1,009 crore with PAT more than double at Rs 42.74 crore – digital contributes to nearly 10% of the overall throughput Overall transaction throughput grew by 41% YoY to Rs 1,87,311 crores Margins are range bound at 32.5% UPI throughput rose substantially by 325% YoY to Rs 18,393 crores resulting in throughput share of 10% Transactions on the platform grew by 55% YoY to cross 67 crores Revenue during the year grew by 28% YoY to Rs 1,009 crores Merchant network as of 31 March 2022 stood at 10.2 lakh points. More than 3.78 lakh banking points added in FY22, i.e. around 1037 points opened daily. The Bank opened 79% more current and savings accounts (CASA) at 20.2 lakhs in FY22 as compared to 11.3 lakhs in FY21. EBITDA margins improved from 6.6% in FY21 to 8.4% in FY22. However, margins in Q4FY22 is 10.3% Profit After Tax (PAT) grew by 109% YoY to Rs 42.74 crores FY22 PAT margins is at 4.2% while the same for Q4FY22 is at 6.2% Annualized Return on Equity (RoE) in Q4FY22 is at 15% CASA subscription and renewal revenue grew by 106% YoY to Rs 91.2 crores while revenue from renewal accounts jumped nearly 4x YoY to Rs 27.5 crores CMS overall throughput grew by 102% YoY to Rs 23,885 crores while average ticket size per transaction improved by 40% YoY from Rs 27,766 per transaction in FY21 to Rs 38,971 per transaction in FY22 CASA and CMS FY22 revenue together contribute 17.3% of overall revenue for FY22 Rishi Gupta, CEO & Managing Director said, “We achieved full year of profit for the second straight fiscal reiterating the robustness and sustainability of our business model. We will continue our strategic focus on network expansion, customer centricity and innovative partnerships, which has given us good dividends. At the same time, we have a clear vision of the long term future. Fino 2.0 journey will be digitally driven and its execution is picking up pace. We are complementing our core business with digital array and building a dedicated vertical to create best in class digital platforms for enhanced customer experience and revenue contribution.” Ketan Merchant, Chief Financial Officer said, “Our philosophy of penetrating financial services in every nook and corner of Bharat resulted in our throughput growing by 41% to INR 1.87 lakh crore. Our lean model and operating leverage resulted in our profit growing by 109%, which led to annualised ROE of 15% in Q4FY22. In FY22 we encountered multiple headwinds from the pandemic to competitive intensity. Our endurance, focus and commitment facilitated growth and profitability, testified by Q4FY22 and FY22 numbers." Result PDF