Result summary
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The company aims to add more than 12-13 million new customers in FY24, and in the current quarter, they added 3.84 million new customers.
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Core AUM increased by 32% to 270097 Crore as of 30 June 2023, compared to 204018 Crore as of 30 June 2022.
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The company achieved the lowest ever GNPA of 0.87% and NNPA of 0.31% as of 30 June 2023, compared to 1.25% and 0.51% as of 30 June 2022.
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Deposits book witnessed a YoY growth of 46% and stood at 49944 Crore as of 30 June 2023. Net deposit growth in Q1 was 5278 Crore. Deposits accounted for 21% of consolidated borrowings as of 30 June 2023, and deposits as a percentage of Total Borrowings were also at 21%.
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NIM declined by 11 bps in Q1FY24 and is expected to decline by 10-15 bps in the next two quarters each.
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The AUM growth guidance is maintained at 25-27%, while the PAT growth guidance remains at 23-24%.
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The management has observed strong momentum at the beginning of this year and has increased the AUM growth guidance to 29-31% for FY24. They also expect operating leverage benefits in the upcoming quarters as the ‘Opex to NIM’ has peaked.
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The tech industry witnessed a significant feat with 1.5 crore downloads per quarter, driven by organic means.
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Except for Rural B2C, AUM growth remains strong across various segments. The management introduced a new segment, ‘new car financing,’ alongside its existing vertical of used-car financing, with plans to expand to 80 cities.
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Despite increased competitive intensity in some segments like ‘personal loan,’ the management believes the industry’s growth is sufficient to accommodate their own growth. Additionally, they do not intend to increase the proportion of Developer Finance composition to more than 15% of the book for the Housing Finance business.
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Attrition rates at junior levels have decreased from 28% to 13.5% due to steps taken by the management, while senior or middle-level hires experience minimal attrition.
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