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Edelweiss Financial Services Ltd Q2FY21 consolidated loss at Rs. 48.50 crore

Posted On: 2020-10-30 08:48:16 (Time Zone: Arizona, USA)


Edelweiss Financial Services Ltd. has reported financial results for the period ended September 30, 2020.

Financial Results (Q2 FY20-21) - QoQ Comparison

The company has reported total income of Rs.2256.88 crores during the period ended September 30, 2020 as compared to Rs.1919.68 crores during the period ended June 30, 2020.

The company has posted net profit / (loss) of Rs.(48.50) crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.(245.08) crores for the period ended June 30, 2020.

The company has reported EPS of Rs.(0.55) for the period ended September 30, 2020 as compared to Rs.(2.75) for the period ended June 30, 2020.

FinancialsQ2 FY20-21Q1 FY20-21% Change
Total Income₹ 2256.88 crs₹ 1919.68 crsUp Tick 17.57%
Net Profit₹ (48.50) crs₹ (245.08) crsDown Tick -80.21%
EPS₹ (0.55)₹ (2.75)Down Tick -80%

Financial Results (Q2 FY20-21) - YoY Comparison

The company has reported total income of Rs.2256.88 crores during the period ended September 30, 2020 as compared to Rs.2405.24 crores during the period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.(48.50) crores for the period ended September 30, 2020 as against net profit / (loss) of Rs.51.17 crores for the period ended September 30, 2019.

The company has reported EPS of Rs.(0.55) for the period ended September 30, 2020 as compared to Rs.0.57 for the period ended September 30, 2019.

FinancialsQ2 FY20-21Q2 FY19-20% Change
Total Income₹ 2256.88 crs₹ 2405.24 crsDown Tick -6.17%
Net Profit₹ (48.50) crs₹ 51.17 crsDown Tick -194.78%
EPS₹ (0.55)₹ 0.57Down Tick -196.49%

Financial Results (6 months ended FY 20-21) - YoY Comparison

The company has reported total income of Rs.4176.56 crores during the 6 months period ended September 30, 2020 as compared to Rs.4987.20 crores during the 6 months period ended September 30, 2019.

The company has posted net profit / (loss) of Rs.(293.58) crores for the 6 months period ended September 30, 2020 as against net profit / (loss) of Rs.183.19 crores for the 6 months period ended September 30, 2019.

The company has reported EPS of Rs.(3.30) for the 6 months period ended September 30, 2020 as compared to Rs.2.04 for the 6 months period ended September 30, 2019.

FinancialsHalf-Year Ended FY20-21Half-Year Ended FY19-20% Change
Total Income₹ 4176.56 crs₹ 4987.20 crsDown Tick -16.25%
Net Profit₹ (293.58) crs₹ 183.19 crsDown Tick -260.26%
EPS₹ (3.30)₹2.04Down Tick -261.76%
Q2FY21 Key Highlights:

- P&L highlights - consolidated: Total Income INR 2,257 Cr and PAT INR (49) Cr (PAT ex-Insurance INR 7 Cr)

- Group Net Worth: INR 8,093 Cr1

- Customer Assets: ~INR 2,49,100 Cr (~INR 2,23,000 in Q1FY21)

- Continued reduction in Debt Equity Ratio (Ex Treasury Assets) which is currently at 3.1x (3.2x in Q1FY21). Borrowings at INR 30,845 Cr2 - a reduction of ~40% over H1FY19 levels

- Sequential improvement in capital adequacy at key operating entity levels

- Liquidity remains comfortable at ~INR 6,600 Cr (21% of borrowings)

- Edelweiss Asset Management registered a strong AUM growth of 105% yoy and completed the largest fund raise in the year in the Indian Private Credit space - a strong validation of capabilities of the platform

* Closed ESOF III at $900 mn (~INR 6,600 Cr)
* Generated strong investor interest and received commitments from marquee global institutional investors which include Ontario Teachers' Pension Plan Board, Florida's State Board of Administration, Swedish Pension Fund - AP4 and a large European insurance company

- Collection efficiency returning to normalcy. ECL Finance Ltd., Edelweiss Retail Finance Ltd. and Edelweiss Housing Finance Ltd. reported collection efficiency of 94%, 92% and 91% respectively in Sep 2020

- Recoveries in Asset Reconstruction were INR 965 Cr despite current market environment

- Achieved average fixed cost reduction of 23% in Q2FY21 against average FY20 fixed costs through enhanced cost discipline

Speaking on the occasion, Mr. Rashesh Shah, Chairman and CEO, Edelweiss Financial Services Limited said: "Q2 FY21 has been a quarter of continued advancement in line with our stated strategy to emerge fully future-ready to participate in the post Covid economic recovery. In this year of re-set, we have made meaningful progress on our stated near-term priorities in each of our seven businesses.

We have had sustained improvement in our four focus areas across the Group: The balance sheet is stronger with a reduction in Debt to Equity ratio and borrowings, Liquidity has improved to 21% of the borrowings, Asset quality remains under control and we have reduced our average fixed cost base.

Our leadership in Asset management has been reaffirmed with the $900mn closure of our alternative ESOF III fund. We also successfully closed the second series of Bharat Bond ETF in our Mutual Fund business. Our Customer Assets have been growing well both in Asset Management and Wealth Management. We are seeing a good pick-up in collections with retail collection efficiency crossing 90% levels in September for our lending entities. In ARC also, we have witnessed strong recoveries despite the challenging market environment. Life Insurance and General Insurance remain two of the fastest growing insurers throughout the pandemic.

The EWM demerger process is under way and on plan. We expect to receive regulatory and lender's approvals for the PAG transaction by Q4FY21.

Throughout FY21 we will continue to strengthen our ability to create value in each of our businesses, and progressively unlock value for the benefit of all shareholders."
Shares of Edelweiss Financial Services Ltd. was last trading in BSE at Rs.56 as compared to the previous close of Rs. 55.9. The total number of shares traded during the day was 37530 in over 556 trades.

The stock hit an intraday high of Rs. 56.5 and intraday low of 55.2. The net turnover during the day was Rs. 2094661.


Source: Equity Bulls

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