Baid Finserv Ltd. Posts Spectacular Earnings for Q1FY24, PAT Jumps 131% YoY

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Revenue from Operations reported at Rs. 1823.72 Lakhs in Q1FY24

EBITDA came in at Rs. 1290.02 Lakhs in Q1FY24

PAT stood at Rs. 561.01 Lakhs in Q1FY24

 AUM Growth 12.79%   

Loan Disbursal Growth 55.57%

Q1FY24   – Earnings Update

Jaipur, 04 August 2023: Baid Finserv Ltd. (BSE: 511724, NSE: BAIDFIN), India’s growing MSME Loans (LAP) and Vehicle Loans provider, in its board meeting held on August 04th, 2023, has approved the unaudited Financial Results of the Company for the First Quarter ended on 30 June 2023. The board further recommended final dividend of Re. 0.10 (5% of Equity Share of Rs. 2 each) per share for FY 22-23, subject to the declaration of the same by the members in the ensuing Annual General Meeting.

Standalone Financial Statement Highlights for Q1FY24 vs Q1FY23 vs Q4FY23

Particulars (Rs. Lakhs except EPS)Q1FY24Q1FY23YoY%Q4FY23
Revenue from Operations1823.721283.6129.61%1517.41
Other Income6.7092.81 (6.01)
Total Revenue1830.421376.4232.98%1511.40
Total Expenses excluding Depreciation, Amortization & Finance Cost

 

540.40

 

633.23

 

 

743.89

EBITDA1290.02743.1973.57%767.51
EBITDA Margin (%)70.48%53.99%1649 bps50.78%
Depreciation & Amortization11.688.88 5.88
Finance Cost528.67427.12 402.88
PBT before Exceptional Item749.67307.19 358.75
Exceptional Items-- -
PBT749.67307.19144.04%358.75
Tax188.6664.56 91.81
PAT561.01242.63131.22%266.94
PAT Margin %30.64%17.62%1302 bps17.66%
Other comprehensive profit / loss0.58(1.92) (0.59)
Net PAT561.59240.70133.31%266.35
Basic EPS0.470.36

 

 

0.22

Standalone Financial Performance Comparison – Q1FY24 v/s Q1FY23

  • Revenue from Operations grew by 61% from Rs. 1283.61 Lakhs in Q1FY23 to Rs. 1823.72 Lakhs in Q1FY24 primarily driven by increase in disbursements and recovery from write offs.
  • EBITDA increased by 73.57% from Rs. 743.19 Lakhs in Q1FY23 to Rs. 02 Lakhs in Q1FY24
  • EBITDA margins increased from 99% in Q1FY23 to 70.48% in Q1FY24 by 1649 bps.
  • PAT increased by 22 % from Rs. 242.63 Lakhs in Q1FY23 to Rs. 561.01 Lakhs in Q1FY24.
  • PAT margins increased from 62% in Q1FY23 to 30.64% in Q1FY24 by 1302 bps.

      Key Business Metric Comparison

  • AUM Growth at79% YoY
  • Loan Disbursals grew by 57%
  • GNPA down by 42 Bps at 74%

Management Comments

Commenting on the Q1FY24 Performance, Management added,

“We are thrilled to share our remarkable financial performance for the first quarter of FY24. In Q1FY24, our Revenue from Operations surged by 29.61%, reaching Rs. 1823.72 lakhs compared to Rs. 1283.61 Lakhs in Q1FY23. This substantial growth is a testament to the dedication and hard work of our team. This growth was primarily driven by increase in AUM & disbursements. Equally noteworthy is the significant increase in our EBITDA, which rose by an outstanding 73.57% from Rs. 743.19 lakhs in Q1FY23 to Rs. 1290.02 Lakhs in Q1FY24. It is evident that our focus on operational efficiency and strategic decision-making has resulted in this impressive growth.

We are delighted to report that our EBITDA margins witnessed a substantial improvement, rising from 53.99% in Q1FY23 to an impressive 70.48% in Q1FY24, marking a remarkable 1649 bps increase. This achievement underscores our ability to optimize costs and deliver strong financial performance. Our Profit After Tax (PAT) also experienced exceptional growth, soaring by 131.22% from Rs. 242.63 lakhs in Q1FY23 to Rs. 561.01 Lakhs in Q1FY24. This remarkable milestone reflects our focus on shareholder value and financial prudence.

Additionally, our PAT margins saw a noteworthy surge, increasing from 17.62% in Q1FY23 to 30.64% in Q1FY24, representing a significant 1302 bps improvement. This progress highlights our ability to generate higher investment returns and capitalize on market opportunities. We saw an AUM growth of 12.79%, and loan disbursals grew by 55.57%. The GNPA also decreased by 42 bps, to 2.74% showcasing our commitment to have a stronger balance sheet.

In light of our strong financial performance, the Board recommended a final dividend of Re. 0.10 per share for FY 22-23. This decision reflects our commitment to sharing our success with our esteemed shareholders. Furthermore, we are excited to announce the approval for the issuance of Non-Convertible Debentures on a private placement basis, in one or more tranches, with an aggregate amount not exceeding Rs. 250 crores. This move will bolster our capital structure and support our growth initiatives. However, it is subject to our valued members' approval at the Annual General Meeting.

As we look ahead, we remain confident in our strategic direction and committed to sustainable growth and shareholder value. We extend our gratitude to all our stakeholders, including our customers, employees, and investors, for their unwavering support and trust in our journey.” 

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