Stock Report

Niyogin Fintech Ltd announces third quarter results

Posted On : 2024-02-11 23:20:11( TIMEZONE : IST )

Niyogin Fintech Limited (BSE: 538772), a publicly listed fintech platform, today announced its results for the Third quarter ended December 31, 2023.

Key Highlights of Q3 FY2024

- Successfully restored UPI product economics w.e.f. Feb'24
- Evaluating opportunity for acquiring AI-enabled capabilities
- Outstanding gross loan book stands at Rs. 159.0 Crores, up 17.5% QoQ
- Revenue (ex-device sales) was up 102.7% YoY and 15.7% QoQ
- Adjusted EBITDA (Ex-ESOP) loss consolidated in Q3FY24 to Rs. 1.4 Crores down from Rs. 8.2 Crores in Q2FY24 and Rs. 6.2 Crores in Q3FY23
- The Gross transaction value (GTV) including pay-outs was Rs. 11,258.8 Crores in Q3FY24, up by 218.6% YoY and down by 2.6% QoQ

Commenting on the Company's performance, Tashwinder Singh, CEO and Managing Director, Niyogin Fintech Limited said, "We are pleased to share that we have been evaluating the acquisition of a tool-kit to enhance our solution set as we create AI-based assisted and unassisted tools for our partners. The platform boasts of multiple functionalities like enhancing the digital legibility of physical and archived digital documents, increasing OCR accuracy without manual intervention and aiding the conversion of unstructured data to structured data. This tool kit will be instrumental in revolutionizing the gathering and maintaining of KYC related customer information. It would also help enable field agents with seamless onboarding capabilities in areas with low network connectivity.

I am also delighted to announce that we have successfully resolved the issues impacting our UPI business, well ahead of the originally communicated timeline of two quarters. While our BaaS business remained subdued due to this in Q3, we expect the normalization of UPI economics February onwards. Our lending book scaled up by 18% QoQ as we build a a high-quality loan book with lucrative unit economics. Our focus towards achieving profitability has been evident in the Adjusted EBITDA(Ex-ESOP) for the quarter that reduced sequentially despite the UPI related overhang and excess provisioning.

Going ahead, our focus will be towards growing both our businesses and exploring strategic opportunities as we remain committed towards innovation, operational excellence, and delivering long-term value to our stakeholders."

Shares of Niyogin Fintech Ltd was last trading in BSE at Rs. 80.93 as compared to the previous close of Rs. 80.31. The total number of shares traded during the day was 90278 in over 485 trades.

The stock hit an intraday high of Rs. 82.90 and intraday low of 77.10. The net turnover during the day was Rs. 7121280.00.