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Stock of this beaten down fintech company zoomed 20% today on heavy volumes


Shares of were locked in the 20-per cent upper circuit at Rs 230.70 per share in Wednesday’s trade amid heavy volumes. The average trading volumes on the counter jumped over three-fold as around 4.73 million shares changed hands on the NSE and BSE.

made a stock market debut on November 12, 2021. Despite of Wednesday’s sharp rally, the stock traded 60 per cent below its issue price of Rs 577 per share. Earlier, it hit all-time low of Rs 182.55 on November 17, 2022.

is a wholly owned subsidiary of FINO PayTech, which is engaged in providing business and banking technology platform based solutions and services related to financial inclusion.

Fino Payments Bank is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. Frugal innovation is the key which has given the fintech a leadership position at the middle of the pyramid, which primarily constitutes emerging India customers.

The Mumbai-based bank operates on asset light business model that principally relies on fee and commission based income generated from merchant network and strategic commercial relationships. The bank’s platform facilitated more than 67 crore transactions with a gross transaction value of over Rs 1.87 trillion crore in the financial year 2021-22.

In the July-September quarter of the current fiscal 2022-23 (Q2FY23), the bank facilitated transactions worth Rs 60,552 crore of which more than Rs 50,000 crore was processed by its phygital network alone.

In Q2FY23, the bank’s revenue rose 25 per cent year-on-year (YoY) to Rs 303 crore. EBITDA and PAT, too, grew 71 per cent and 75 per cent YoY to Rs 30.5 crore and Rs 13.8 crore, respectively. EBITDA margins, meanwhile, widened to 10.1 per cent from 7.4 per cent.

The management said that the strong performance during the first half of FY23, even in the midst of macroeconomic challenges, makes the company confident of a strong H2FY23.


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