Q3 2024 Niyogin Fintech Ltd Earnings Call Transcript
Key Points
- Niyogin Fintech Ltd (BOM:538772) is actively evaluating the acquisition of an AI-based toolkit to enhance digital legibility and improve OCR accuracy, which will streamline KYC processes.
- The company successfully resolved UPI business issues ahead of schedule, demonstrating agility and dedication to rapid problem-solving.
- Lending business increased by over 18% to INR159 crores, with a comprehensive strategy centered around partner-led distribution, risk management, and technology-enabled cost efficiency.
- Gross transaction value (GTV) for Q3 FY24 stood at approximately INR11,259 crores, up 219% year on year, indicating strong transaction growth.
- Niyogin Fintech Ltd (BOM:538772) added new partners like Karma Life, which provides finance to gig and blue-collar workers, enhancing its lending platform and potential profitability.
- Receivables issues on the iServeU platform have persisted for three quarters, with 80% of receivables more than 90 days overdue being provisioned.
- GTV for January 2024 was INR3,450 crores, indicating a flattish trend for the third consecutive quarter, raising concerns about meeting the INR1 lakh crore GTV target for FY25.
- The banking-as-a-service business had a subdued Q3, with GTV including payouts at about INR11,259 crores, and transaction volumes remaining flat compared to the previous quarter.
- Adjusted EBITDA loss, although narrowed, still stood at INR1.4 crores in Q3 FY24, indicating ongoing profitability challenges.
- The AePS sector slowdown due to regulatory changes and fraud concerns has impacted overall industry volumes, posing a challenge for future growth.
Ladies and gentlemen, good day, and welcome to Niyogin Fintech Limited Q3 FY24 earnings conference call. (Operator Instructions)
I now hand the conference over to Mr. Ravi Udeshi from EY Investor Relations. Thank you, and over to you, sir.
Thank you, Michelle. Good morning, everyone. On behalf of Niyogin Fintech Limited, I welcome all of you to the company's Q3 and nine-month FY24 earnings conference call. You would have already received the quarter results and the investor presentation, which is also available in our filings with the exchange.
To discuss the company's business performance, we have with us today Mr. Tashwinder Singh, the CEO and Managing Director; Mr. Abhishek Thakkar, the Chief Financial Officer; and Ms. Trivenika Avasthi, the Investor Relations Officer of Niyogin Fintech.
Before we proceed with this call, a disclaimer, please do note that anything said on this call during the course of the interaction and in our collaterals, which reflect the outlook towards
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