Kreon Finnancial Services Ltd announces business update for Q2FY22

Kreon Finnancial Services Ltd is a BSE listed company (BSE Code: KREONFIN; Scrip Code: 530139) established in the year 1994.

This update provides an overall summary of the operating performance and demand trends till the quarter ended 30 September, 2021. The detailed performance update for the quarter ended 30th September 2021, will be published further to review of the Auditors and the approval of the Board of Directors.

Business update:

Despite Covid-19 pandemic, the Digital payment market has continued to grow multi-fold with advancements in technology and subsequent facilities required to avail necessities at our doorsteps. With this, India has topped the digital payment market in 2021 surpassing China which had been leading the Digital Market since 2012. According to Reserve Bank of India, India is now clocking around 100 million digital transactions in a day. This is five-fold growth compared to in 2016. A high majority of these transactions are powered by UPI. According to the reports, India retained the top spot with 25.5 billion real-time payments transactions, followed by China with 15.7 bn transactions.

Operational update:

StuCred being part of the digital transactions industry have recorded around 0.5 million digital transactions from inception till date. The Digital transactions of StuCred has seen a steep growth in the latest two financial years with 37% of growth in the FY 2020-21 compared to previous FY 2019-20 and has achieved 100% of the previous year transactions 2020-21 in the first and second quarter of the current financial year 2021-22. The Company's tie up with ICICI, Yes bank and PayTM is an added advantage in the growth perspective of the Company.

Shares of KREON FINNANCIAL SERVICES LTD. was last trading in BSE at Rs. 19.47 as compared to the previous close of Rs. 18.55. The total number of shares traded during the day was 1 in over 1 trades.

The stock hit an intraday high of Rs. 19.47 and intraday low of 19.47. The net turnover during the day was Rs. 19.00.

Source : Equity Bulls

Keywords

KREONFINNANCIALSERVICES INE302C01018 Finance NBFCs StuCred