Skip to main content

Fino Payments Bank Posts Q1 Operating Profit Of Rs 11 Cr Despite COVID-19 Setbacks

 


Focusing on high margin verticals in the face of the pandemic-related setbacks on the mainstay remittances business helped Fino Payments Bank deliver handsome operating profit in the June quarter, a top company official said on Thursday. The unlisted entity recorded an operating profit of Rs 11 crore in the first quarter, as against a loss of Rs 3.5 crore in the year-ago period, despite the shutdown, migrants moving back to their hometowns from cities and a gradual recovery towards the end, its MD and CEO Rishi Gupta said.

Revenues were impacted and trended lower than the preceding quarter.

"Remittances went down very sharply, but we benefited from higher-margin
developments like higher deposit accretion, micro ATM and cash management services, and Aadhaar-enabled payments services (AEPS)," Gupta told .

When compared with March, the last three months have seen an increase of 20 per cent in deposits as people are saving more, remitting less and getting money from the government schemes into their accounts, he said.
 
 The period has also seen 30 per cent jump in volumes from micro- ATMs and AEPS, 10 per cent rise in the number of customers having current and savings accounts, and 22 per cent jump in the number of merchants enrolled with the bank. 
 
He said the remittances have recovered as the migrants have started coming back to places of work, but still the volumes are only 60 per cent of the pre-Covid-19 levels.

It added 45,000 merchants to its platform during the quarter as against an 

average of around 25,000 per quarter earlier, he said, attributing the same 

to more interest in alternative income sources in the rural economy and 

also return of tech-savvy migrants to villages.


Going ahead, Fino Payments Bank will focus more on selling credit products through its network of merchants on behalf of partners among banks as well as non-banks, he said.

The second quarter should result in difficulties in the otherwise resilient rural economy as the Covid-19 infections go up, he said, but added that early trends for July and August suggest Fino's business has not been impacted.

It is not looking to raise capital, but will be open for a strategic or financial investor to come forward, Gupta added.

Sandip Ginodia , CEO

 

ALTIUS INVESTECH PVT LTD

 

We deal in over 60 unlisted companies with 15 years of experience 

For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Email : ginodiasandip1@gmail.com


 

Labels:

Comments

Post a Comment

Please leave your name and email id along with the comment .
Get the updates from this blog direct to your inbox . Fill in your email id on the home page.

Popular posts from this blog

Reliance's JioMart is averaging half a million orders per day; WhatsApp driving growth

  JioMart , Reliance's online-to-offline commerce  platform that launched in May , has scaled up rapidly, riding on the pandemic-fuelled digital acceleration. The service, which went   live in 200 cities across India, is currently processing an average of  500,000 orders per day. " We can go even higher on peak days",  Jio Platforms CEO   Kiran Thomas  revealed at the Facebook for Fuel India 2020 event. He said, "JioMart is empowering millions of  kiranas  and small merchants through the simple and secure platform of WhatsApp, and linking them to Reliance Retail's pan-India supply chain. We expect to grow manifold in future, and are optimistic about enabling new cohorts of users and making it easier for them to shop for daily essentials."  "Customers are transacting seamlessly on JioMart and the  conversational nature of the service  enabled by WhatsApp has made people adapt to it intuitively," he added. Reliance also stated th...
Post a Comment
Read more

Zomato, Swiggy score 1/10 on working conditions for their workers – ET Retail

Some of India's biggest startups have ranked near the bottom when it comes to  working conditions  for their gig  workers , according to a report released Wednesday. While  Swiggy ,  Zomato  and Uber India scored 1/10, Urban Company and Flipkart’s logistics arm EKart scored the highest 8/10 and 7/10, respectively, ‘ Fairwork India Ratings  2020: Labour Standards in the Platform Economy’  showed . The report assessed the companies on five principles: fair play, fair conditions, fair contracts, fair management, and fair representation. Deepinder Goyal, chief executive officer of Zomato Media Pvt. Ltd., acknowledged the ratings on Twitter. “Zomato ranked at the bottom of 2020 Fairwork India scores. We knew we had things to work on, but we didn’t know that there is so much room for improvement.” The company takes full responsibility and “will leave no stone unturned to perform better in the rankings next year,” he added. Zomato received a 4/10 in ...
Post a Comment
Read more

Times Internet posts 24% revenue jump to Rs 1,625 Cr in FY20

  Times Internet has posted a 24% jump in its annual revenue in the financial year ending March, recording Rs 1,625 crore in revenue in FY20. In its annual report, the company  said the revenue growth has been adjusted for seasonality of cricket events. In FY19, it had posted revenues of $196 million. The company has registered a surge across its revenue streams i.e. advertising revenue, subscribers, transaction revenue and gross merchandise value (GMV) in the last fiscal year. While advertising revenue grew 22% with faster growth in music and video, overall subscribers to Times Prime grew 62%.  Times Internet’s annualized GMV in transacting businesses grew 68% with a 75% jump in net revenues, said the company in its annual report. Its subscription and transactional businesses include Times Prime, Gaana Plus, TOI+, ET Prime, and Gourmet Passport.  Times Prime also crossed 2 million subscribers last year. “We broadened our media strategy beyond news, and we focused on...
Post a Comment
Read more