Fino Payments Bank stock jumps over 2% after logging significant growth in Q3 earnings

28 Jan 2022 , 09:31 AM

Fino Payments Bank Ltd. announced its results for the quarter ending December 2021. The company has reported a significant growth in revenues and profits.

The company’s overall throughput value increased by 29% YoY at Rs 49,168 crore for Q3 FY’22 and by 42% YoY for the 9M period ending December 2021 at Rs 1,34,043 crore.

The company’s UPI throughput grew by a whopping 351% YoY to Rs 10,962 crores.

The company’s revenue grew by 20% YoY at Rs 275.16 crores for Q3 FY’22 against Rs 228.65 crores for the previous corresponding quarter.

Company reported a significant growth in its revenue of 116% YoY for the quarter ending December 2021, at Rs 14.1 crores against Rs 6.52 crores for the previous corresponding quarter.

CASA total subscription revenue grew by 124% YOY (new account subscription grew by 99% YOY to Rs16.7 crores and renewal annuity income grew by 204% YOY to Rs7.9 crores).

Company’s EBITDA grew by 84% YOY to Rs 25.93 crores in Q3 FY’22. While its EBITDA margin improved sequentially by 205 basis points from 7.4% in Q2 FY22 to 9.4% in Q3 FY22. While its PAT margin improved by 186 basis points at 5.1% in Q3 FY22 against 3.3% in Q2FY’22.

Debit card spending continues to register strong momentum with average spending per transaction during 9MFY22 at Rs2,657 vis-à-vis Rs2,528 during FY21. Revenue from remittance grew by 26% YOY and 29% sequentially in Q3FY22.

“It is another standout quarter for us with emerging businesses like liabilities accounts and CMS achieving record volumes. The third quarter is traditionally marked by festivities in India that lead to a surge in payment businesses like those of Fino Bank. Our consistent focus and execution excellence resulted in capitalizing the festive spirit in Q3FY22. Our sequential revenue growth in Q3FY22 is 13.6% over Q2FY22 while the year-on-year growth is at 20%,” said Rishi Gupta, CEO & Managing Director, Fino Payments Bank.

Fino Payments Bank Ltd is currently trading at Rs402.25 up by Rs9.5 or 2.42% from its previous closing of Rs392.70 on the BSE.