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Transcorp International returns to Cash Profits - remains bullish on outward remittance and PPI Payments Systems business

Posted On: 2021-07-23 18:01:32 (Time Zone: UTC)

Transcorp International Limited, announced its financial results for the quarter ended 30th June 2021. Mr. Gopal Sharma, Managing Director of the Company reported that during the quarter ended 30th June 2021, the company reported revenue of Rs. 395.82 Crores with standalone EBITDA of Rs. 0.53 Crores and standalone Cash Profit of Rs. 0.02 Crores with standalone net loss of Rs. 0.31 Crores and consolidated net loss of Rs. 0.57 Crores.

Mr. Gopal Sharma, Managing Director of the Company commented that during the quarter ended 30th June 2021 the company reported positive EBITDA and returning back to Cash Profits, which indicates improvement in the performance and financial results of the company in spite of the severe dislocation resulted from the second wave of Covid that hit out Country.

As part of its digital distribution, the company has launched a B2B Forex Portal named on 8th July 2021. Mr. Sharma added that Transcorp has in last 3 years made significant investments in the Currency Exchange Business, with travel and business opening up the investments should yield results in the coming years.

Transcorp's SBI National Banking Correspondent division continues to flourish and grow its CSP (Customer Service Point) locations; providing access to millions of Indians in under-banked regions. This division is consistently yielding profits for the company even during the second wave of Covid and has a reach of 840+ locations nationally. State Bank of India has recognized Transcorp as one of its prominent partners and the company is working closely to accelerate its CSP outlet count.

Mr. Ayan Agarwal, Vice President-Payment Systems stated that company's Payments Division that includes the PPI license (Prepaid Instrument) has emerged as one of the leading players in the country with exponential quarterly growth. The division has on-boarded more new KYC customers in the last three months than it did in the entire fiscal year ending April 2021; which equates to over 400% growth.

The division has also has grown to 15+ strategic partnerships which include co-branding arrangements for card issuance. The division enjoys direct connectivity with various networks including NPCI and VISA offering a range of propriety financial products including lending, settlements and API Neo-Banking. The division has also greatly benefited from favorable regulatory changes and Transcorp was the first to implement some of them to benefit cardholders.

Shares of TRANSCORP INTERNATIONAL LTD. was last trading in BSE at Rs. 19.07 as compared to the previous close of Rs. 19.58. The total number of shares traded during the day was 54007 in over 206 trades.

The stock hit an intraday high of Rs. 20.55 and intraday low of 18.7. The net turnover during the day was Rs. 1083140.

Source: Equity Bulls

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