New Delhi, February 26, 2021: A meeting of the Board of Directors of MONEYBOXX FINANCE LIMITED (MBFL) recently considered and approved the unaudited results for the quarter ended 31 December 2020.
Moneyboxx Finance reported 30.6% increase in its total Income for Q3FY21 at INR 2.88 crore compared to INR 2.21 crore for Q2FY21. Despite COVID-19 pandemic, the Total Income from Operations during the first nine month of FY21 stood at INR 7.18 crore compared to INR 1.96 crore in 9M FY20, thus registering a growth of 266% mainly driven by improving business at existing branches and addition of new branches. MBFL has also registered whopping 109.9% growth in its loan book, which stood at INR 45.38 crore as on December 31, 2020 in comparison of a loan book of INR 21.62 crore as on December 31, 2019.
Result at a Glance: (Amount is in INR crore) Q3FY21 Q2FY20 Q3FY20 9MFY21 9M FY20 % YOY Branches 22 11 11 22 11 100% Loan Book (AUM) 45.38 32.03 21.62 45.38 21.62 109.9% Total Operating Income 2.88 2.21 1.17 7.18 1.96 266.1% Total Profit/ Loss (After tax) -1.10 -0.49 -o.96 -2.46 -1.79 Gross NPA (%) 0.19% 0% 0% 0.19% 0% Performance Highlights of Q3 FY21 > MBFL significantly expanded its operations by adding 11 new branches in its existing states during Q3FY21, taking total branch count to 22 across Rajasthan, Haryana, Punjab and Madhya Pradesh. MBFL expanded its presence to leverage its position in existing states by drawing comfort from high collection efficiency, strong asset quality despite COVID-19 pandemic and strong financial position after equity fund raise of INR 11.65 crore in February 2020 > Disbursements during Q3FY21 were INR 19.66 crore, registering a growth of 37.5% compared to Q3FY20 driven by improving productivity at existing branches and addition of new branches > Loan Book as of 31.12.2020 stood at INR 45.38 crore which translates into a growth of 41.7% compared to 30.09.2020 and 109.9% compared to 31.12.2019. Focus on borrowers in essential services (Livestock, Kirana) has helped MBFL build a strong book with negligible NPAs mainly due to high collection efficiency > Total Operating Income for Q3FY21 was INR 2.88 crore compared to INR 2.21 crore for Q2FY21, registering a growth of 30.6% over previous quarter (Q2FY21) in line with the business growth. Total Income from Operations for 9M FY21 was INR 7.18 crore compared to INR 1.96 crore in 9M FY20, reporting a growth of 266% despite CoVID-19 driven by improving business at existing branches and addition of new branches > Net Loss for Q3FY21 was INR 1.10 crore compared to Net Loss of INR 0.49 crore in Q2FY21 as employee benefits & other expenses increased due to opening of 11 new branches in Q3FY21. Net Loss for 9M FY21 was INR 2.46 crore compared to Net Loss of INR 1.79 crore in 9M FY20 > High collection efficiency of 95% during moratorium period and over 99% during Q3FY21, a testimony of strong underwriting standards and collection efficiency > Strong asset quality with 99.05% of loan portfolio in current category as of 31.12.2020. Gross NPA ratio of 0.19% as of 31.12.2020 compared to Nil as of 31.03.2020. Net NPA ratio of 0.10% as of 31.12.2020 compared to Nil as of 31.03.2020 > Expected Credit Loss (ECL) provisions stood at INR 30.32 Lakhs (0.67% of Loan Book) as of 31.12.2020 compared to INR 30.32 Lakhs (1.04% of Loan Book) as of 31.03.2020 > Adequately capitalized with Capital Adequacy Ratio of 54.91% (of which Tier-I 54.34%) as of 31.12.2020 compared to 93.68% (of which Tier-I 92.65%) as of 31.03.2020 > Diversified funding sources by adding 5 new lendersin Q3FY21. The new lenders included leading names — Caspian Debt, Ashv Finance, BlackSoil Capital, Hinduja Leyland Finance and Ambit Finvest. Total debt raise was INR 20 crore in 9MFY21. Total number of lending partners increased to 7 from 2 in Q2FY21. Debt/Equity ratio stood at 1.16 as of 31.12.2020 compared to 0.59 as of 31.03.2020. Continued support from existing lenders and addition of new lenders demonstrate the confidence of the lenders in MBFL’s credit processes, asset quality, collection efficiency and the management team Commenting on Q3FY21 results, Mr. Deepak Aggarwal (Co-CEO & CFO) said, “We are witnessing recovery of overall economic activity which is led by rural economy. As we mostly operate in semi- urban and rural areas, where thereis a decent pick-up in demand for new loans, we are targeting total disbursementof INR 70 crorein this financial year compared to INR 34 crore in FY20. Also, due to our robust collection efficiency, we have been reasonably successful in attracting new lending partners despite challenging environment for NBFCs, which has helped us in growing our AUM.” About Moneyboxx Finance Limited Moneyboxx — which started operations in February 2019 — has 22 branches spread acrossfour states —Punjab, Haryana, Rajasthan, and Madhya Pradesh. Its medium-term aim is to build approximately INR 1,000 crore in asset under management (AUM) within the next three years. MBFL focuses on disbursing small-ticket unsecured business loans to individual borrowers (Livestock, Kirana, Traders, Micro-manufacturers in Tier-II and III cities) with loans ranging from Rs 50,000 to 3,00,000, for 24 months tenure on average.