Niyogin Fintech Limited announces Q1FY21 results

Key Highlights – Q1FY21

- Retail partner base of 2,733, growth of 42% QoQ YoY
- 808 retail partners added – highest ever in a quarter
- Highest single month activation rate in the month of June – 4x of 6 month average.
- Registered platform customer base of 19,853, a L-F-L growth of 34% YoY
- Wealth AUM of INR 6,827M, up 28% YoY
- Loan Book of INR 1,370 M, up 104% YoY

We ended the quarter with a registered platform user base of 19,853 and our retail partner network expanded to 2,733 with highest ever additions in a quarter. On credit, we ended Q1 FY21 with a loan book of INR 1,370M and a disbursal of INR 36M. The disbursements are in line with our revised strategy to de-focus on generalized credit, de-risking our existing exposure and weak external operating environment. Our WealthTech business continues to see good traction both on direct to customer and B2B. We ended the quarter with wealth AUM of INR 6,827 M, growth of 28% YoY despite market volatility and risk aversion in debt mutual fund category.

Overall our P&L performance has been impacted by ECL, and this has got further magnified given the massive disruption we are seeing on economy and livelihoods due to COVID-19 and the on-going lockdown. Even with the COVID-19 specific charge , our operating performance was good and we delivered a positive Non-GAAP PAT.

For Q1FY21, on a standalone basis, we delivered a total income of INR 79M, a growth of 22% YoY. Moneyfront's revenues remain seasonal and with most of this coming in 2H of the fiscal year. Advertising environment remains difficult but we expect our fee income initiatives in the WealthTech platform to drive revenues.

Excluding ESOP charges, we delivered a positive Adj PAT of INR 2.5M in Q1FY21. We stay focused on cost efficiency and our cash operating costs (excluding ECL) remain in check. We have executed and continue to drive several measures to bring in cost efficiencies and create room for growth and investments without further pushing up the cost base substantially.

Shares of Niyogin Fintech Ltd was last trading in BSE at Rs.29.85 as compared to the previous close of Rs. 29.4. The total number of shares traded during the day was 3620 in over 20 trades.

The stock hit an intraday high of Rs. 29.95 and intraday low of 28. The net turnover during the day was Rs. 102966.

Source : Equity Bulls

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