Performance Highlights (Consolidated)
- Assets Under Management remained at Rs. 15,228 crore
- NIM increased by 25 bps YoY to 8.8% in Q3FY22, driven largely by a reduction in interest expenses
- Consolidated PBT was up 651% YoY, increasing from Rs. 17 crore in Q3FY21 to Rs. 130 crore in Q3FY22, driven largely by a reduction in interest cost and recovery led credit costs
- Collections continued to remain buoyant; above 99% in Dec’21
Consequent to healthy collections in Q3FY22, Gross Stage 3 and Net Stage 3 assets decreased from 4.1% and 2.0% respectively as of Sep’21 to 3.5% and 1.8% respectively as at Dec’21 on a consolidated basis. The Company has one of the best provision coverage ratios across all three stages. The standard asset coverage ratio as of Dec’21 stands at 3.3%; the Stage 3 asset coverage ratio stands at 50.1%.
Liquidity and Cost of Borrowings
The Company continues to maintain a strong liquidity position with over Rs. 3,200 crore of surplus liquidity, and additional term loan sanctions in the hand of Rs. 1,490 crore. The repricing of all eligible term loans has been competed in Q3FY22, with an overall reduction of over 160 bps. New loan sanctions received at sub 6.5%.
The company was assigned a long-term rating of ‘AA+ / Stable’ by CRISIL. The short-term rating was retained at the highest level of ‘A1+’.
The Company continued its product focus on consumers and small businesses. During the quarter, the Company entered into multiple co-lending / fintech partnerships along with adding small-ticket LAP and medical equipment loan products.