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×

fino paytech Limited

160.00
+ 3.23 %
Scrip Name
Fino PayTech
ISIN No.
INE511I01011
PAN No.
AAACF9869M
Face Value
10
No. of Outstanding Shares
109,407,156
Market Capitalization
1,750.51 Crore

FINO PAY TECH LIMITED PRE - IPO SHARE

About Fino Pay Tech Limited

Fino Pay Tech Limited was established on July 13, 2006, headquartered in Mumbai, and has offices throughout India. Fino Pay Tech Limited is a business and banking technology platform with a complete service channel that can meet the financial service needs of all customers. Fino Pay Tech Limited is an investor-institutional company owned by international and Indian investors. The company has grown into a thought leader for organizations such as banks, microfinance organizations, insurance companies, and government agencies, as well as an innovator and developer of technology solutions. As an alternative banking channel, Fino Pay Tech Limited provides comprehensive procurement and customer services.

Fino Pay Tech Limited uses its rich hands-on experience to develop appropriate advanced management solutions for all aspects of this field to reach operational efficiency even higher. The solutions include Customer Enrolment Solutions, Hardware Solutions, and Operations Solutions.


The company provides services to beneficiaries on behalf of customers in certain remote areas of the country. Its model allows them to provide services to a wide range of clients such as Business Correspondents Services, Consultancy Services, Financial Literacy, etc.


Fino Pay Tech Limited, through its business correspondent model, offers technology solutions to improve the operational efficiency of social benefit schemes like Mahatma Gandhi National Rural Employment Guarantee Scheme – MGNREGs and Social Security Pensions – SSP.


Leveraging its experience in the micro-finance sector and applying it in the micro-insurance sphere, Fino Pay Tech Limited has created a model that is efficient, scalable, sustainable, cost-effective, interoperable, and profitable.


A Terminal Management System manages issuance, blocking, and application updating of POS devices; and a Card Management System manages issuance, hot listing, and re-issuance of cards.


All these systems are an outcome of Fino Pay Tech Limited’s extensive field experience gained over the past years by serving in tough and remote locations. These systems provide services that are extremely relevant to entities operating in this sector.

 

INCORPORATION DETAILS

CIN

U72900MH2006PLC162656

Registration Date

15 June 2006

Category / Sub-Category of the Company

Company limited by shares

Address of the Registered office and contact details 

Mind space Juinagar, 9thFloor, Plot No. Gen 2/1/F, Tower Navrangpura, 1,TTC Industrial Area,

MIDC Shirwane, Juinagar, Navi

Mumbai Thane – 400706

Tel:02271377100

Name, Address & contact details of the Registrar & Transfer Agent, if any

Adroit Corporate Services Pvt. Limited.,

17-20, Jafferbhoy Ind. Estate, 1st Floor, Makwana Road,

Marol Naka, Andheri (E), Mumbai – 400059,

Tel: 022-42270400. Fax: +91 (0)22 28503748,

www.adroitcorporate.com

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services 

NIC Code of the Product/ service

% to the total turnover of the company

Activities auxiliary to Financial service activities

66190

97.07

 

BOARD OF DIRECTORS

Mr. Ashok Kini (Non-Executive Chairman, Independent Director)

Dr. Anjana Grewal (Independent Director)

Mr. Amit Jain (Nominee Director)

Mr. Ramakrishna Gupta (Nominee Director)

Mr. Alok Gupta (Nominee Director)

Mr. Sudeep Gupta (Whole-time Director)


PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

Name of the Company

Subsidiary/Associate

% of shares held

FINO Finance Private Limited (Formerly known as Intrepid Finance & Leasing Private Limited)

Wholly owned Subsidiary

100

FINO Trusteeship Services Limited

Associate Company

49

Fino Payments Bank Limited (Formerly known as FINO Fintech Limited)

Wholly owned Subsidiary

100

FINO Financial Services Private Limited

Wholly owned Subsidiary

100

 

FINO PAY TECH LIMITED PRE – IPO SHARE DETAILS

Total Available Shares

9,89,07,611

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE511I01011

PAN No.

AAACF9869M

Lot Size:

100

Last Traded Price

Rs. 360

Market Cap

Rs. 3560.67 Crore


SHAREHOLDING PATTERN

(As of 31-03-2020)

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

1

Bharat Petroleum Corporation Limited

2,84,35,423

28.78

2

ICICI Prudential Life Insurance Company Limited

1,13,28,854

11.47

3

Blackstone GPV Capital Partners (Mauritius) VI-B FDI Limited

75,12,207

7.6

4

HAV 3 Holdings (Mauritius) Limited

74,56,993

7.55

5

International Finance Corporation

65,69,567

6.65

6

ICICI Bank Limited

57,50,000

5.82

7

ICICI Lombard General Insurance Company Limited

52,89,194

5.35

8

Intel Capital Corporation

44,33,449

4.49

9

Exide Life Insurance Company Limited

28,32,213

2.87

10

Life Insurance Corporation of India

22,50,000

2.28

11

Indian Bank

22,50,000

2.28

12

 Union Bank of India

22,50,000

2.28

13

Corporation Bank

22,50,000

2.28

14

Others

1,02,99,711

10.41


Total

9,89,07,611

100

 

INDUSTRY OUTLOOK


Fino expects to complete a transaction of Rs. 60,000 crore in the first half of the fiscal year 2021, an increase of 36% from the Rs. 44000 crore in the same period of the previous fiscal year. It is probably to make a profit in the 2019-20 fiscal year just like this year.


The company expects the IPO in 2022 to give exit to the company's existing investors. After reducing losses and increasing revenue (year-on-year), the payment bank achieved a sustainable revenue and expenditure of approximately Rs. 689 crore in the 2019-20 fiscal year, which was higher than the Rs. 370 crore in the 2018-19 fiscal year and achieved a growth of more than 86%. By January 2020, it was Rs. 10000 crores (30 million transactions, where 45% of which were domestic remittances); the five-year plan was realized in less than three years. The bank started operations in 2017, with a modest one million transactions valued at around RS. 1,500 crore per month.


Among the seven companies currently licensed, Fino Payment Bank, India Post Payment Bank, and AirTel Payment Bank are fully operational. In contrast, Vodafone is also a licensed company in the business of NSDL Payments Bank, Jio Payment Bank, and Aditya Birla Payment Bank (ABPB). However, the merger with Idea Cellular has caused regulatory troubles for companies like Idea 49% of ABPB’s shares, ABPB’s shares make payment bank Vodafone unable to operate.


PROFIT & LOSS STATEMENT OF FINO PAY TECH LIMITED (in Rs. Lakhs)

Particulars 

2020

2019

2018

2017

Net Sales and Other Income

85291.29

54739.1

37694.02

33563.68

EBITDA

7384.9

3624.05

-9407.31

-1947.44

Profit before tax

-1985.73

-5395.08

-17605.5

-9148.19

Profit after tax

-2099.64

-7332.71

-16720.8

-8826.5

Earnings per share (EPS) (In Rs.)

-1.66

-5.75

-13.26

-11.53

Dividend per share (In Rs.)

0

0

0

0

BALANCE SHEET OF FINO PAY TECH LIMITED (In Rs. Lakhs)

Particulars 

31st March 2020

31st March 2019

ASSETS



NON CURRENT ASSETS



Tangible Assets

8,562.10

3,663.56

Intangible Assets

2,181.10

2,607.08

Financial Assets

12,271.73

12,537.96

Tax Assets

4,778.19

5,608.38

Other Non-Current Assets

373.68

400.58

TOTAL NON CURRENT ASSETS

28,166.80

24,817.56

CURRENT ASSETS



Inventories

2,191.42

2,003.89

Financial Assets

38,971.70

45,944.23

Cash and Cash equivalents

34,996.08

52,894.91

Other current assets

1,889.87

1,097.25

TOTAL CURRENT ASSETS

78,049.07

1,01,940.28

TOTAL ASSETS

1,06,215.87

1,26,757.84

EQUITY AND LIABILITIES



Equity share capital

9,865.47

9,853.34

Other Equity

11,882.43

14,071.87

Non-controlling Interests

33.87

11.95

TOTAL EQUITY

21,781.77

23,937.16

LIABILITIES



NON CURRENT LIABILITIES



Financial liabilities

12,726.86

19,903.17

Provisions

697.18

671.92

Other non-current liabilities

28.37

141.98

TOTAL NON CURRENT LIABILITIES

13,452.41

20,717.07

CURRENT LIABILITIES



Borrowings

14,038.03

12,412.28

other Financial liabilities

53,274.43

66,025.70

Short term provisions

1,706.14

1,952.39

Other current liabilities

1,707.33

1,633.05

current tax liabilities(net)

255.76

80.19

TOTAL CURRENT LIABILITIES

70,981.69

82,103.61

TOTAL EQUITY AND LIABILITIES

1,06,215.87

1,26,757.84


PERFORMANCE OF THE COMPANY

Net revenue of the Company was Rs. 85,291.29 lakhs in FY 2020 as against Rs. 54,739.10 lakhs in FY 2019 i.e. an increase of 55.81%.


Fino Pay tech’s highest revenue source is its subsidiary – Fino Payments bank limited. Fino Payments Bank limited generated revenue of Rs. 69,100 lakhs in FY 2019-2020, which is around 81% of total revenue.


Fino Payments bank limited turned profitable at operating level in FY 2019-20, within just 3 years of starting the operation in June 2017.


The company has shown an average growth of 37% per year from the past 3 years in the Revenue of the company. The company was bearing heavy losses every year. However, losses are reducing, and the company is moving towards becoming profitable. In fact, Fino pay tech limited has shown profits standalone-wise in                 FY 2019-2020.


Moreover, EPS which was decreasing every year and was giving losses to shareholders has now become stable, and it is expected that the company will give positive EPS in FY 2020-2021.


The current ratio of Fino Pay tech limited is more than 1, which states that the company has no issue in maintaining liquidity.


DIVIDEND AND RETAINED EARNINGS

PARTICULARS

2020

2019

2018

2017

Dividend

Nil

Nil

Nil

Nil

Retained Earnings (In Rs. Lakhs)

-50,459.93

-47,839.51

-35,151.16

-18,345.25

 

UPCOMING IPO

Fino Pay Tech Limited Subsidiary company Fino Payments bank limited is coming closer to launching its Initial Public Offer (IPO). This will make the Fino Payment bank limited to be first-of-its-kind to be listed. The company is looking to raise around Rs.1000 crore through an IPO that is likely to be launched in the next few months. You can refer to the following links for information on the IPO.


https://www.moneycontrol.com/news/business/ipo/bpcl-icici-group-and-blackstone-backed-fino-payments-bank-kicks-off-ipo-plans-first-ever-in-niche-segment-6611301.html


http://bwsmartcities.businessworld.in/article/Fino-Payments-Bank-Leveraging-Rural-Banking-enabling-Technology/09-02-2021-375514/


https://www.business-standard.com/article/companies/fino-payments-bank-registers-profit-for-the-third-straight-quarter-120112501167_1.html


https://economictimes.indiatimes.com/markets/stocks/news/surge-in-transactions-helps-fino-payments-bank-move-into-black/articleshow/78044490.cms


https://www.bloombergquint.com/ipos/fino-payments-bank-moves-closer-to-initial-public-offeri

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