Fino Payments Bank Ltd

Fino Payments Bank Ltd

₹ 313 1.18%
21 Feb 4:02 p.m.
About

Financial Inclusion Network Operations (“FINO”) is a growing fintech company offering a diverse range of financial products and services that are primarily digital and have a payments focus. It offers such products and services to the target market via a Pan-India distribution network.[1]

Key Points

Representative of Banks
The co. acts as a Business Correspondence (Bcs) of several Banks It had approximately 17,430 active BCs across India in FY21. BCs are generally retail agents engaged by it to provide banking products and services on behalf of other banks and at locations other than traditional branches. BCs are authorized to perform a variety of activities including collection of domestic and international remittances, CASA account opening functions, payments made via AePS, bill payments, and mobile recharge, among others. [1]

  • Market Cap 2,596 Cr.
  • Current Price 313
  • High / Low 384 / 191
  • Stock P/E 31.2
  • Book Value 66.4
  • Dividend Yield 0.00 %
  • ROCE 7.17 %
  • ROE 12.6 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 24.3% CAGR over last 5 years

Cons

  • Stock is trading at 4.71 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Tax rate seems low
  • Company has a low return on equity of 13.3% over last 3 years.
  • Earnings include an other income of Rs.1,262 Cr.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Banks Industry: Banks - Private Sector

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Quarterly Results

Figures in Rs. Crores

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
Revenue 5 6 6 7 10 13 19 21 25 29 33 37 39
Interest 2 3 3 3 4 5 8 12 14 14 15 19 22
220 222 200 231 257 263 271 278 281 287 314 320 326
Financing Profit -217 -218 -197 -227 -251 -255 -260 -268 -270 -272 -297 -303 -308
Financing Margin % -4,316% -3,669% -3,252% -3,228% -2,559% -2,006% -1,389% -1,249% -1,067% -925% -900% -828% -787%
224 226 200 235 265 273 270 282 289 294 315 322 331
Depreciation 0 0 0 0 0 0 0 0 0 0 0 0 0
Profit before tax 7 8 3 8 14 18 10 14 19 22 19 20 23
Tax % 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%
7 8 3 8 14 18 10 14 19 22 19 20 23
EPS in Rs 1.46 1.70 0.70 1.01 1.69 2.12 1.21 1.66 2.30 2.65 2.25 2.35 2.74
Gross NPA %
Net NPA %
Raw PDF

Profit & Loss

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
Revenue 16 19 18 20 36 95 138
Interest 3 6 10 10 15 47 70
279 410 690 707 915 1,076 1,247
Financing Profit -266 -396 -682 -697 -895 -1,028 -1,179
Financing Margin % -1,716% -2,068% -3,760% -3,441% -2,512% -1,084% -854%
215 352 673 771 973 1,135 1,262
Depreciation 16 18 24 54 35 42 0
Profit before tax -67 -62 -32 20 43 65 83
Tax % 0% 0% 0% 0% 0% 0%
-67 -62 -32 20 43 65 83
EPS in Rs -15.11 -13.99 -7.19 4.59 5.14 7.82 9.99
Dividend Payout % 0% 0% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: 44%
3 Years: 74%
TTM: 77%
Compounded Profit Growth
10 Years: %
5 Years: 24%
3 Years: 59%
TTM: 37%
Stock Price CAGR
10 Years: %
5 Years: %
3 Years: %
1 Year: 38%
Return on Equity
10 Years: %
5 Years: 3%
3 Years: 13%
Last Year: 13%

Balance Sheet

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Equity Capital 45 45 45 45 83 83
Reserves 180 118 85 106 397 469
87 130 228 424 752 1,351
226 392 266 436 448 563
Total Liabilities 538 684 624 1,010 1,680 2,466
46 42 49 62 92 139
CWIP 1 0 0 2 0 5
Investments 64 73 128 504 631 1,146
427 569 446 443 956 1,175
Total Assets 538 684 624 1,010 1,680 2,466

Cash Flows

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-32 207 -20
-69 -64 -97
70 352 184
Net Cash Flow -31 495 68

Ratios

Figures in Rs. Crores

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
ROE % -32% -22% 15% 14% 13%

Shareholding Pattern

Numbers in percentages

Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00% 75.00%
10.20% 10.00% 9.80% 9.26% 7.67% 7.20% 6.29% 5.57% 5.09%
9.66% 9.06% 8.80% 7.84% 3.73% 4.74% 5.48% 6.83% 5.58%
5.14% 5.94% 6.40% 7.91% 13.60% 13.07% 13.25% 12.60% 14.34%
No. of Shareholders 93,44988,28485,31583,36781,80277,98774,90067,99268,891

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

Click on the line-items to see the names of individual entities.

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