corporate presentation – q3-fy15 · msme segment in india. 9. corporate presentation. largely...
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Corporate Presentation – Q3-FY15
Disclaimer
2Corporate Presentation
This presentation has been prepared by and is the sole responsibility of Capital First Limited (together with its subsidiaries, referredto as the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions.
This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of anyoffer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of itsdistribution form the basis of, or be relied on in connection with, any contractor commitment therefore. In particular, thispresentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. Norepresentation or warranty, express or implied, is made as to, and no reliance should be placed on, thefairness, accuracy, completeness or correctness of the information or opinions contained in this presentation. Such informationand opinions are in all events not current after the date of this presentation. There is no obligation to update, modify or amendthis communication or to otherwise notify the recipient if information, opinion, projection, forecast or estimate set forthherein, changes or subsequently becomes inaccurate.
Certain statements contained in this presentation that are not statements of historical fact constitute “forward-lookingstatements.” You can generally identify forward-looking statements by terminology such as“aim”, “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”, “should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statementsinvolve known and unknown risks, uncertainties, assumptions and other factors that may cause the Company’s actualresults, performance or achievements to be materially different from any future results, performance or achievements expressedor implied by such forward-looking statements or other projections. Important factors that could cause actual results, performanceor achievements to differ materially include, among others: (a) material changes in the regulations governing our businesses; (b)the Company's inability to comply with the capital adequacy norms prescribed by the RBI; (c) decrease in the value of theCompany's collateral or delays in enforcing the Company's collateral upon default by borrowers on their obligations to theCompany; (d) the Company's inability to control the level of NPAs in the Company's portfolio effectively; (e) certainfailures, including internal or external fraud, operational errors, systems malfunctions, or cyber security incidents; (f) volatility ininterest rates and other market conditions; and(g) any adverse changes to the Indian economy.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations orinformational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content ofthis presentation, without obligation to notify any person of such change or changes.
Agenda
3
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Company’s Vision
Corporate Presentation 4
To primarily provide Micro, Small and Medium Enterprises in India with debt capital to support the growth of the MSME sector.
To finance the growing aspirations of the Indian Consumers with favourable demographics.
To be a leading financial services provider- admired and respected for high corporate governance, ethics and values.
Overview
• Capital First is a Non-Banking Finance Company listed on NSE and BSE, with arecord of consistent growth & profitability.
• The company has consistently increased its MSME and Retail financing from 10% onMarch 31, 2010 to 84% as on December 31, 2014.
• CAPF has loan Asset Under Management of Rs. 116.95 bn as on December 31,2014.
• CAPF has a strong distribution setup across India covering customer at 222 townswith an employee base of 1028 as on December 31, 2014.
• The Capital Adequacy is 20.2% as on December 31, 2014.
• The Gross and Net NPA of the Company stood at 0.63% and 0.01% respectively ason December 31, 2014.
• The Company’s long term credit rating (Bank Facilities, NCD and Subordinated Debt)is rated highly at AA+ by rating agencies.
Corporate Presentation 5
Agenda
6
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Capital First - Business Growth…
7
10%
56%
44% 74
%
26%
81%
19%
FY10 FY11 FY12 FY13 FY14
• Launched credit scoring for CD
• Launched Gold Loan business
• Divested Forexbusiness
• Long Term Credit Rating (Bank Credit, NCD & Sub-Debt) upgrade from A+ to AA-
• Amalgamated NBFC subsidiary with Holding Company*
• Warburg Pincus acquired majority stake*
• Infused Rs. 1.00 bn as primary equity*
• Capital First is formed• Long Term Credit
Rating (Bank Credit, NCD & Sub-Debt) upgrade from AA- to AA+
• Company raised Rs. 1.78 billion as fresh equity from Warburg Pincus (Rs. 1.28 bn) and HDFC Standard Life (Rs. 0.50 bn)*
• Company’s housing finance subsidiary acquired HFC license from NHB*
• Closed Broking Business*
9.35 bn
27.51 bn
61.86 bn
75.10 bn
28%
72%
• Wholesale NBFC
90%
96.79 bn
116.95 bn
• Company’s Assets under Management crossed Rs. 116.00 billion
• Number of customers financed since inception crossed 1.1 million.
• Capital (Tier1+Tier2) crosses Rs. 19.30 billion
Q3-FY15
Wholesale Assets MSME and Retail Assets
Key Focus for Capital First is the Retail and MSME loan Businesses
Corporate Presentation
*Corporate actions
84%
16%
Agenda
8
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
MSME Segment in India
9
Corporate Presentation
Largely Proprietorship, Partnerships
Proprietorships
Public / Private Limited Companies
Partnerships/ Proprietorships / Cooperatives
• Micro, Small and Medium enterprises form a large part of the Indian Economy. They generateemployment and act as a catalyst for socio-economic transformation in India
• There are more than 29 million MSME enterprises across India employing more than 69 millionpeople
• MSMEs account for 45% of the Indian Industrial output and 40% of the total exports.
% of total number of MSME players in India*
95.1%
4.7%
0.2%
Source: “Micro, Small and Medium Enterprise Finance in India – A Research Study on Needs, Gaps and Way Forward” by IFC, Nov 2012
Corporate Presentation
Challenges faced by MSMEs in India• MSME sector, especially the unorganized micro and small enterprises, lack in support from the
existing ecosystem, owing to their small scale which in turn is an impediment to their growth.Some of the key challenges faced by MSMEs are mentioned below –
Corporate Presentation 10
FINANCE• Absence of adequate and timely supply of finance for working capital
• High cost of credit
• Collateral Requirements
• Limited Access to Equity Capital
INFRASTRUCTURE & PEOPLE• Low Production Capacity and lack of Advanced Technology to cater to rise in demand
• Limited ability for expansion and modernization
• Lack of proper transportation and warehouse
• Lack of Skilled Manpower
LEGAL, TAX & COMPLIANCE• Limited knowledge of legal structuring
• Complexity of labour laws (PF, ESIC, Factories Act)
• Taxation issues related to export and import
• Limited resources to meet reporting requirements of large number of compliances like Income Tax returns, Service Tax returns, VAT returns, Central Excise returns, Cess Returns etc.
OPERATIONS• Local Disturbances (dealing with interested parties)
• Cost and quality of Power ( Fluctuations, consistent outages, self financed generators)
• Poor roads, efficient transportation of raw material
• Packaging, pricing and marketing of goods
• Squeezed by larger customers (principals) on delayed payment terms.
Financing Need of MSMEs
• MSMEs require timely capital through short and long term loans, apart from the seed capital
• IFC has estimated the financing (debt) demand for the MSME segment to be more than Rs. 26Trillion for India per year*.
• MSMEs generally rely on their own funds like savings, retained earnings, sale of assets, loanfrom family members, relatives, community as well as unconventional and unregulated moneylenders for their entrepreneurial ventures.
• Access to formal bank finance is difficult for SMEs, but this is particularly so for small, micro andunorganized players.
• Lenders too face challenges in lending because of informal business practices, large cash/parallel economy in this segment, difficulty in evaluating credit worthiness, lack of properfinancial reporting and relatively high cost of credit appraisal for low ticket loans.
• The conventional credit approach may not be effective while assessing the creditworthiness ofthese MSME players
Corporate Presentation 11
*Source: “Micro, Small and Medium Enterprise Finance in India – A Research Study on Needs, Gaps and Way Forward” by IFC, Nov 2012
CFL – A Specialized Player in MSME Financing
Corporate Presentation 12
Rs. 1 Mn -Rs. 20 Mn
Rs. 1,00,000 –Rs. 1 million
Rs. 30,000 – Rs. 1,00,000
Rs. 10,000 – Rs. 30,000
To Small and Medium Entrepreneurs financing based on customised cash flow analysis and
references from the SME’s customers, vendors, suppliers.
To Small Entrepreneurs/ partnership firms in need of immediate funds, for say, purchase of additional
inventory for an unexpected large order.
To Micro business owners and consumers for purchase of PC, printers, office
furniture, Tablets, Two-Wheeler, etc.
Typical Loan Ticket Size
• CFL is a specialized MSME Financing player with credit evaluation methodology for this segment.• Capital First offers different financing options to different categories of MSMEs catering to their
financing needs at different stages of the business lifecycle.
Note: The figures are for the period Jan-Sep, 2014
CFL Financing Offerings for MSME Segment
Corporate Presentation 13
MSME
Loans for Business Expansion
Short Term Business funding
Loans for Two Wheelers
Loans for Office Furniture
Loans for Office Automation –
PCs, Laptops, Printers
Loans for Plant & Machinery
Loans for display panels
Loans for Air-Conditioners
CFL Financing Offerings for MSME Segment
Corporate Presentation 14
• CAPF provides long-term secured loans toMSMEs by proper evaluation of cash flow ofthe MSME, and backed by collateral ofproperty. The average LTV at origination was42% for the period 9 M FY 2015.
• These are monthly amortising products withno moratorium for Interest or Principalrepayment. The actuarial tenor of the loans isusually about 5-6 years. SMEs usually prepaythese facilities before time based on their cashaccruals.
• Average ticket size is about Rs. 9.5 Mn
• Evaluation of cash flow is a key challenge infinancing MSMEs under this financingcategory.
Note: All the loan product related figures are for the period 9M-FY15
CFL Financing Offerings for MSME Segment
Corporate Presentation 15
• CAPF Provides financing to MSMEs likesmall traders, suppliers, shopkeepers., and to salaried customers forpurchase of Two-Wheelers.
• These loans are relatively small ticket sizeof about Rs. 43,000.
• The tenor of the loan is about 24 months.
• The LTV is about 69% for the mentionedperiod.
• This line of business requires significantmanagement bandwidth and effort inCollections of EMIs as the EMIs aresmall, number of customers is large, andcollection costs can be high.
Note: All the loan product related figures are for the period 9M-FY15
CFL Financing Offerings for MSME Segment
Corporate Presentation 16
• CAPF provides financing to MSMEs andconsumers for purchase ofLaptops, Furniture, Air Conditioners andother such office or personalequipments.
• The Average Ticket Size is about Rs.30,000.
• The Loan to Value ratio is about 76%.
• The tenor of this loan is about 9 months
• This line of business requires significantmanagement bandwidth and effort inCollections of EMIs as the EMIs aresmall, number of customers islarge, and collection costs can be high.
Note: All the loan product related figures are for the period 9M-FY15
First Job
Higher Education / Urgent Family Need
Marriage
Family Expansion & Growth
Corporate Presentation 17
• The company also offers Home Loans, Two Wheeler Loans and Durable Loans to entry and midlevel salaried employees of corporates.
CFL Financing Offerings..
Financing at different life-stages
Agenda
18
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Credit Processes
Corporate Presentation 19
Sales, credit, operations and collections are independent of each other, with independent reporting lines for checks and balances in the system.
Credit Policy(For defining
Lending Norms)
Business Origination
Team
Credit Underwriting
Team
Loan Booking and Operations
Team
Portfolio Monitoring &
Collections
100 98
59 56 4937
2 39
36
12
37
Application Logged in
CIBIL/Credit Bureau rejection
Rejection due to Insufficient Cashflow /
Documentation
Rejection after Personal Interview
Rejection due to legal & technical
reasons
Rejected for other reasons
Net Disbursals
Mortgages – Credit Underwriting Process
Corporate Presentation 20
In Mortgages, about 37% of the total applications aredisbursed after passing through several levels of scrutinyand checks, mainly centred around cash flowevaluation, credit bureau and reference checks
Rigorous and robust credit assessment processes in Capital First help in maintaining the highasset quality and low NPA levels
✘✘
✘
✘✘
Note: The data is for the period October, 2012 to September, 2014
Agenda
21
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating & Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Credit Rating
Corporate Presentation 22
• The long term credit rating of the company is AA+ for Bank Facilities, NCD & Subordinated Debt, which recognizesits strong promoter Warburg Pincus, experienced management team, comfortable capitalization levels, strongbusiness model, comfortable asset quality parameters and healthy liquidity position.
Long term Credit Rating (Bank Facilities, NCD & Subordinated Debt)
A+ A+
AA-
AA+ AA+ AA+
FY10 FY11 FY12 FY13 FY14 Q2-FY15Q3-FY15
Capital – (as on 31 December 2014)
Corporate Presentation 23
18.6% 23.5% 22.2%Capital Adequacy Ratio (%)
All figures are in Rs. Mn unless specified
21.1%
Note: Capital includes Networth, Perpetual Debt and Sub-Debt
21.0%29.0% 23.5%
7,377 7,828
10,316
15,107
17,869 18,175 18,980 19,301
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
FY10 FY11 FY12 FY13 FY14 Q1-FY15 Q2-FY15 Q3-FY15
20.2%
Agenda
24
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
25
Chairman & Managing Director
Corporate Presentation
He believes that financing India’s 30 million MSMEs and India’s emerging middle class, with a differentiated model based on new technologyplatforms, offers a unique opportunity in India.
He joined ICICI Group in early 2000 when it still a Domestic Financial Institution and was one of the Senior Management member responsible fortransition of ICICI to a Universal Bank from a DFI. He launched the Retail Banking Businesses for ICICI in 2000, and built it to 1400 ICICI Bankbranches in 800 cities, 25 million customers, a vast CASA and retail deposit base, with branch, internet, digital and new-age banking. He built a retailloan book of over 1,35,000 Crores in Mortgages, Auto loans, Commercial Vehicles, Credit Cards and Personal Loans. He also built the ICICI Bank’sSME business and managed the Rural Banking Business. These businesses helped the conversion of the institution to a universal bank renowned forretail banking.
He was appointed as MD and CEO of ICICI Personal Financial Services at 32, and Executive Director on the Board of ICICI Bank at the age of 38, andbecame the MD and CEO of ICICI Prudential Life Insurance Co at 41. He was also the Chairman of ICICI Home Finance Co. Ltd, and served on theBoard of ICICI Lombard General Insurance Company and CIBIL, India’s first Credit Bureau. He started his career with Citibank India in 1990 andworked there till 2000 in retail banking.
He is a recipient of many domestic and international awards including “Best Retail bank in Asia 2001”, “Excellence in Retail Banking Award”2002, “Best Retail Bank in India 2003, 2004, and 2005 from the Asian Banker”, “Most Innovative Bank, 2007”, “Leaders under 40” from BusinessToday in 2009, “Young Entrepreneur Award, 2012”, “Greatest Corporate Leaders of India, 2014”, and was nominated “Retail Banker of the Year” byEFMA Europe for 2008 and 2009. He is an alumnus of Birla Institute of Technology and Harvard Business School. He is a regular speaker in Indianand international forums on Financial and Banking matters.
He is a regular marathoner and has run 7 marathons and 12 half marathons. He lives in Mumbai with his family of father, wife and three children.
Mr. V. Vaidyanathan is the Chairman and Managing Director of Capital First Limited (CFL). He formed CapitalFirst by way of a Management Buyout of an existing NBFC, by securing a USD 150 million equity backing fromWarburg Pincus in 2012. Warburg Pincus is a large Global Private Equity player with funds of over US$ 40billion. This is India’s largest Management Buyout of a listed company and is one of his significant professionalachievements. Post the transaction, he holds shares and options totaling 14% of the company on a fullydiluted basis through personal holdings and related entities.
In 2010, CFL was a Mumbai focused wholesale lending NBFC with Equity Capital of Rs. 700 Crores with loanassets of Rs. 935 Crores. He has transformed the company into a large NBFC specializing in MSME and Retailfinancing, has acquired 1 million customers, and has grown assets to Rs. 11,695 Crores (Dec ’14) and built acapital base of Rs. 1930 Crores. The company now has over 1000 employees, in 222 locations in India. Underhis leadership, the company’s long term credit rating has been re-rated thrice from A+ to AA+
Board of Directors
Corporate Presentation 26
Vishal MahadeviaNon-Executive
Director
Mr. Vishal Mahadevia joined Warburg Pincus in 2006, is co-head of the firm's Mumbai office. Previously, he was a principal at Greenbriar Equity Group, a fund focused on private equity investments. Prior to that, Mr. Mahadevia worked at Three Cities Research, Inc., a New York-based PE fund, and with McKinsey & Company
N.C. SinghalIndependent Director
Mr. N. C. Singhal was a Banking Expert to the Industrial Development Bank of Afghanistan, for the World Bank project and a Consultant and Management Specialist with the ADB. He was the founder Chief Executive Officer of The Shipping Credit & Investment Corporation of India Limited.
Hemang RajaIndependent Director
Mr. Hemang Raja has a vast experience of over thirty three years in financial services encompassing Project Finance and Corporate Banking with IL&FS. He has been involved in the Private Equity and Fund Management business with Credit Suisse and Asia Growth Capital Advisers in India as MD and Head-India
M S Sundar RajanIndependent Director
Mr. Sundar Rajan was Chairman and Managing Director (CMD) of Indian Bank and has total experience of over 38 years in the Banking Industry. He has also earlier worked with Union Bank of India for over 33 years. During his Stewardship as CMD of Indian Bank, the Bank has won many accolades and awards
Dr. Brinda JagirdarIndependent Director
Dr Brinda Jagirdar is an independent consulting economist with specialization in Indian economy and financial intermediation with more than 38 years of Banking experience. She retired as Chief Economist, State Bank of India. She was associated with the Raghuram Rajan Committee on Financial Sector Reforms in India.
Dinesh KanabarIndependent Director
Mr. Dinesh Kanabar is the CEO of Dhruva Tax Advisors LLP. He has over 25 years’ experience in advising some of the largest corporate houses. Earlier, he was the Deputy CEO of KPMG India. He has also served as the Deputy CEO of RSM & Co and led the tax and regulatory practice of PwC. He is a member of the Rangachary Committee set up by the Prime Minister of India for reviewing the taxation of Development Centres and the IT Sector.
Narendra OstawalNon-Executive
Director
Mr. Narendra Ostawal is based in Mumbai, joined Warburg Pincus in 2007 and focuses on investments in India. Previously, he was an Associate at 3i, and a consultant with McKinsey & Company. Mr. Ostawal is a Chartered Accountant, received an M.B.A from Indian Institute of Management, Bangalore.
Agenda
27
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Equity Shareholding Pattern (as on 31 December 2014)
Corporate Presentation 28
Promoters (Warburg Pincus-Affiliated
Companies), 71.56%
FII, 3.85%
Financial Institutions, 6.59%
Bodies Corporate, 7.63%
Individuals, 8.47%
Others, 1.90%
Agenda
29
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
30Corporate Presentation
Key FinancialsTrailing 8 quarters
684 722794
883960
1,104
1,252
1,376
0
200
400
600
800
1000
1200
1400
1600
Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15
Net Interest Income (NII)
All figures are in Rs. Mn unless specified
31Corporate Presentation
Key FinancialsTrailing 8 quarters
844943
1,0241,098 1,157
1,4411,548
1,755
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15
Total Income & Opex
Total Income Opex
All figures are in Rs. Mn unless specified
32Corporate Presentation
Key FinancialsTrailing 8 quarters
All figures are in Rs. Mn unless specified
36
74
115
169
232
324
417
453
0
50
100
150
200
250
300
350
400
450
500
Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15
Consistent increase in PBT over the last 8 quarters
Consolidated Profit & LossCorresponding quarter (Q3-FY15 vs. Q3-FY14)
33Corporate Presentation
Particulars Q3-FY15 Q3-FY14 % Change
Interest Income 3,422 2,551 34%
Less: Interest Expense 2,046 1,668 23%
Net Interest Income (NII) 1,376 883 56%
Fee Income 379 215 76%
Total Income 1,755 1,098 60%
Opex 996 746 34%
Provision 306* 183 67%
PBT 453 169 168%
Tax 154 68 126%
PAT 299 101 196%
All figures are in Rs. Mn unless specified
* As per RBI guideline vide notification no. RBI/2014-15/299 dated November 10, 2014, the Company is required to increase the standard asset provisioning by 5 bps, every year starting FY16, to take it to 40 bps by FY19. The Company has opted to comply with this requirement 1 year in advance, in FY15 itself and has made additional standard asset provisioning of 5 bps amounting to Rs. 44 million in Q3-FY15
Consolidated Profit & LossCorresponding 9 Months (9M-FY15 vs. 9M-FY14)
Particulars 9M-FY15 9M-FY14 % Change
Interest Income 9,601 7,135 35%
Less: Interest Expense 5,869 4,736 24%
Net Interest Income (NII) 3,732 2,399 56%
Fee income 1,012 666 52%
Total Income 4,744 3,065 55%
Opex 2,814 2,259 25%
Provision 737* 448 65%
PBT 1,194 358 234%
Tax 416 130 220%
PAT 778 228 241%
All figures are in Rs. Mn unless specified
34Corporate Presentation
* As per RBI guideline vide notification no. RBI/2014-15/299 dated November 10, 2014, the Company is required to increase the standard asset provisioning by 5 bps, every year starting FY16, to take it to 40 bps by FY19. The Company has opted to comply with this requirement 1 year in advance, in FY15 itself and has made additional standard asset provisioning of 5 bps amounting to Rs. 44 million in Q3-FY15
All figures are in Rs. Mn unless specified
35Corporate Presentation
Particulars Q3-FY15 Q2-FY15 % Change
Interest Income 3,422 3,180 8%
Less: Interest Expense 2,046 1,928 6%
Net Interest Income (NII) 1,376 1,252 10%
Fee income 379 296 28%
Total Income 1,755 1,548 13%
Opex 996 913 9%
Provision 306* 218 40%
PBT 453 417 9%
Tax 154 146 5%
PAT 299 270 11%
Consolidated Profit & LossSequential quarter (Q3-FY15 vs. Q2-FY15)
* As per RBI guideline vide notification no. RBI/2014-15/299 dated November 10, 2014, the Company is required to increase the standard asset provisioning by 5 bps, every year starting FY16, to take it to 40 bps by FY19. The Company has opted to comply with this requirement 1 year in advance, in FY15 itself and has made additional standard asset provisioning of 5 bps amounting to Rs. 44 million in Q3-FY15
36Corporate Presentation
Particulars Q4-FY13 Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15
Interest Income 1,986 2,203 2,381 2,551 2,692 2,999 3,180 3,422
Less: Interest Expense 1,302 1,481 1,587 1,668 1,732 1,895 1,928 2,046
Net Interest Income (NII) 684 722 794 883 960 1,104 1,252 1,376
Fee income 161 221 230 215 197 337 296 379
Total Income 844 943 1,024 1,098 1,157 1,441 1,548 1,755
Opex 668 736 777 746 863 905 913 996
Provision 140 133 132 183 62 213 218 306
PBT 36 74 115 169 232 324 417 453
Exceptional Items -11 - - - - - - -
Tax -56 19 43 68 -66 116 146 154
PAT 82 55 72 101 298 208 270 299
Consolidated Profit & LossTrailing 8 quarters
All figures are in Rs. Mn unless specified
Consolidated Balance SheetAll figures are in Rs. Mn unless specified
37Corporate Presentation
Particulars As on December 31, 2014
As onMarch 31, 2014
SOURCES OF FUNDS
Net worth 12,651 11,719
Loan funds 88,186 84,220
Total 1,00,838 95,939
APPLICATION OF FUNDS
Goodwill - 64
Fixed Assets 212 276
Deferred Tax Asset (net) 358 171
Investments 677 3,474
Current Assets, Loans & Advances
Loan Book 88,573 69,444
Other current assets and advances 18,291 27,890
Less: Current liabilities and provisions (7,273) (5,380)
Net current assets 99,591 91,953
Total 1,00,838 95,939
Investor ContactSAPTARSHI BAPARI+91 22 4042 3534, +91 99200 [email protected]
Capital First LimitedIndia Bulls Finance CentreTower II, 15th FloorSenapati Bapat MargElphinston (West)Mumbai 400 013
Websitewww.capfirst.com
Corporate Presentation 38
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