BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Fino Payments Bank Ltd.’s Q1 FY23 financial performance (earnings down 43% QoQ) was impacted due to business seasonality and ~more than 100 basis points gross margin contraction attributable to product mix change.
The revenue share of open banking channel further increased to 38% in Q1 FY23 versus 31% in Q1 FY22. Gross margin in open banking is as low as 4% versus 47% on own channel business.
However, strong traction in key focus products like current account and savings account and cash management services continued as reflected in a robust more thant 100% YoY growth in CASA revenue and CMS revenue growth at 62% YoY.
Overall, Fino Payments' gross revenue grew by a modest 1% QoQ, however adjusted for interest income, the same remained flat QoQ at Rs 2.7 billion in Q1 FY23.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
As a Subscriber you get
Stories
RECOMMENDED FOR YOU
POPULAR