I am impressed by the growth of loan disbursal and took a position in the company when it was barred by RBI from onboarding new customer in 2022. Exited later on. Paytm is still EBITDA negative and has a market cap of approximately 28 times that of FINO. I didn’t like the buyback they did as well. The holding structure of paytm and parent is also confusing. I think FINO has more downside protection. In case of FINO I agree that the growth of matured products like MATM , AEPS and cross sell especially has been disappointing. But I would like to keep watching to analyse if there is any structural improvement or green shoots visible here. Q1 is a weak quarter as per them. Will like to see if there is any effect of 2000 rupee withdrawal on the overall CASA
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