ABOUT UTKARSH COREINVEST LIMITED UNLISTED SHARES
UTKARSH COREINVEST LIMITED (formerly known as Utkarsh Micro Finance Limited) is the holding company of ‘UTKARSH SMALL FINANCE BANK LIMITED’. Utkarsh CoreInvest Limited commenced its operations in 2009 as a microfinance institution to provide financial and non-financial services to the population who were neglected by traditional banks and financial institutions.
The company was started with credit under the Joint Liability Group (JLG) model in 2009. Later, it started providing Micro Enterprise Loans, Housing Loans, and Micro Pension products. In FY 2016, Utkarsh Micro Finance Bank Limited was granted a license to set up a Small Finance Bank from the Reserve Bank of India. Subsequently, Utkarsh Micro Finance Limited created a subsidiary in the name of ‘Utkarsh Small Finance Bank Limited. Through a slum sale, the company transferred all its assets and liabilities except some statutory assets, vehicles, and statutory liabilities to Utkarsh Small Finance Bank Limited. Then in 2018, the company was converted from Micro Finance Company to Core Invest Company and changed its name to Utkarsh CoreInvest Limited.
Utkarsh Small Finance Bank Limited is a small finance bank and is engaged primarily in providing banking and financial services to its customers with a focus on underserved and unserved sections of the country. The Bank's lending activities are primarily focused on rural and semi-urban locations of the country while its deposit mobilizations and other services are spread across the country.
The Bank is headquartered in Varanasi, Uttar Pradesh, and its operations are currently spread across 15 States & 2 Union Territories through 507 branches in 173 districts of the country.
Utkarsh Coreinvest Outstanding Shares: |
98,532,686 |
Face Value of Utkarsh Coreinvest Unlisted Share: |
Rs. 10 Per Equity Shares |
ISIN of Utkarsh Coreinvest Limited Unlisted Share: |
INE396P01012 |
Lot Size of Utkarsh Coreinvest Unlisted Share: |
200 Shares |
Utkarsh Coreinvest Limited Share Price: |
Best in Industry |
PAN Number of Utkarsh Coreinvest: |
AAECS9298K |
Utkarsh Coreinvest Limited CIN Number |
U65191UP1990PLC045609 |
Utkarsh Coreinvest Limited Registration Date |
15-May-90 |
Category / Sub-Category of Utkarsh Coreinvest |
Company limited by Shares |
Utkarsh Coreinvest Registered Office Address |
S-2 / 639 -56, Varuna Vihar Colony, J.P. Mehta Road, Cantt, Varanasi - 221002 |
Utkarsh Coreinvest Registrar & Transfer Agent Address and Contact Details |
NSDL Database Management Limited, S - 2 / 639 - 56, Varuna Vihar Colony, J.P. Mehta Road, Cantt, Varanasi - 221002 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
|
Name and Description of main products/services |
Business activity Code |
% to total turnover of the Company |
|
Other Financial Services |
K8 |
100% |
BOARD OF DIRECTORS
Mr. G. S.Sundararajan (Non - Executive Independent Director, Chairperson)
Mr. Atul (Independent Director)
Mr. AdityaParekh (Nominee Director)
Mr. GauravMalhotra(Nominee Director)
Mr. HarjeetToor(Nominee Director)
Mr. VishalMehta(Nominee Director)
Mr. AshwaniKumar (Managing Director & CEO)
PARTICULARS OF SUBSIDIARY COMPANIES
|
Name of the Company |
% of shares held |
|
Utkarsh Small Finance Bank Limited |
100.00% |
|
Utkarsh Welfare Foundation |
78.49% |
SHAREHOLDING PATTERN (As of 31-03-2020)
|
S. No. |
Shareholders’ Name |
Number of shares |
% of total Shares of the company |
|
1 |
CDC Group PLC |
1,37,26,978 |
14.09% |
|
2 |
RBL Bank Limited |
97,02,950 |
9.96% |
|
3 |
NMI (NMI Frontier fund KS) |
77,02,602 |
7.91% |
|
4 |
Faering Capital India Evolving Fund II |
76,60,082 |
7.86% |
|
5 |
Retail Shareholders |
70,79,169 |
7.27% |
|
6 |
Hero Enterprise Partner Ventures |
48,45,496 |
4.97% |
|
7 |
Others |
4,66,81,529 |
47.94% |
|
|
Total |
9,73,98,806 |
100.00% |
INDUSTRY OUTLOOK
The banking industry plays a vital role in mobilizing savings and stimulating the economic development of a nation. A new wave of change, more powerful and widespread than seen in recent years is expected to unfold in the banking sector in the coming decade. The Bank’s overall credit growth moderated to 6.8% in FY 2019-20 primarily on account of sluggishness in credit to industries and large corporates while retail credit growth remained healthy at 15% during FY2019-20.
Although there are lots of players present in the microfinance landscape and mature models of microlending, with a significant portion of its population in the low-income band, India represents a huge opportunity for the microfinance sector. Microfinance currently reaches less than 20% of potential households. So, there is still a large gap to be met in terms of the reach of microfinance.
2020 was a year mainly dominated and impacted by COVID-19. Small Finance Banks are beginning to feel the effect of local and state-wise lockdowns. However, small finance banks are better prepared this year (2021) in the second wave of the COVID 19 pandemic. Rural customers of Small Finance Banks are less affected by the second wave of COVID 19. There have been delays in collections, but collections have been hit only 1-3% in this second wave of COVID.
The collection capacity of the small finance bank industry improved to around 102%. The Indian microfinance market is expected to grow at a CAGR of more than 40% through 2025. South India accounts for more than one-third of the market share of the Microfinance industry.
The advances and deposits in the Small Finance Bank industry have increased with the CAGR of 75.3% and 155.3% respectively during the period FY16-FY20. It is expected to grow with a CAGR of 23-24% during the period FY20-FY23. SFBs’ share in the total banking industry has increased from 0.3% in FY19 to 0.5% in FY20 in the case of credit, and deposits share has increased from 0.6% in FY19 to 0.9% in FY20, and reporting offices share has increased from 1.5% in FY19 to 2.8% in FY20.
KEY FINANCIALS OFUTKARSH COREINVEST LIMITED (In Rs. Crores)
|
Particulars |
2020 |
2019 |
2018 |
|
Revenue from Operations |
1,352.92 |
932.57 |
522.36 |
|
EBITDA |
850.46 |
416.85 |
143.53 |
|
EBITDA margin |
62.86% |
44.70% |
27.48% |
|
Finance Cost |
589.53 |
460.64 |
313.94 |
|
Depreciation |
48.81 |
18.56 |
14.37 |
|
Other Income |
64.21 |
44.10 |
30.85 |
|
Profit Before Tax |
276.32 |
-18.25 |
-153.93 |
|
Total Tax |
73.81 |
70.61 |
11.19 |
|
Profit After Tax (PAT) |
202.51 |
-88.85 |
-165.12 |
|
EPS |
20.89 |
-79.46 |
-163.18 |
BALANCE SHEET OFUTKARSH COREINVEST LIMITED (In Rs. Crores)
|
Particulars |
2020 |
2,019 |
|
ASSETS |
||
|
FINANCIAL ASSETS |
||
|
Cash and Cash Equivalents |
1,616.05 |
518.95 |
|
Derivative financial instruments |
2.58 |
1.51 |
|
Loans |
6,563.33 |
4,639.64 |
|
Investments |
1,240.23 |
875.34 |
|
Other financial assets |
35.53 |
17.98 |
|
TOTAL FINANCIAL ASSETS |
9,457.72 |
6,053.42 |
|
NON FINANCIAL ASSETS |
||
|
Tax assets |
53.65 |
45.35 |
|
Tangible assets |
252.10 |
74.15 |
|
Intangible assets |
22.00 |
16.02 |
|
Other non-financial assets |
37.80 |
19.33 |
|
TOTAL NON-FINANCIAL ASSETS |
365.55 |
154.84 |
|
TOTAL ASSETS |
9,823.26 |
6,208.27 |
|
EQUITY AND LIABILITIES |
||
|
EQUITY |
||
|
Equity Share capital |
97.40 |
97.20 |
|
Other Equity |
985.12 |
754.08 |
|
Non-Controlling Interest |
0.23 |
0.19 |
|
TOTAL EQUITY |
1,082.75 |
851.47 |
|
LIABILITIES |
||
|
FINANCIAL LIABILITIES |
||
|
Deposits |
5,427.58 |
3,832.21 |
|
Debt securities |
0.00 |
320.06 |
|
Borrowings (Other than debt) |
3,012.31 |
940.47 |
|
Subordinated liabilities |
197.79 |
197.61 |
|
Other financial liabilities |
88.82 |
56.64 |
|
TOTAL FINANCIAL LIABILITIES |
8,726.50 |
5,346.99 |
|
NON FINANCIAL LIABILITIES |
||
|
Tax liabilities |
0.00 |
1.35 |
|
Provisions |
5.03 |
2.52 |
|
Other non-financial liabilities |
8.99 |
5.94 |
|
TOTAL NON FINANCIAL LIABILITIES |
14.01 |
9.81 |
|
TOTAL LIABILITIES |
8,740.51 |
5,356.80 |
|
TOTAL EQUITY AND LIABILITIES |
9,823.26 |
6,208.27 |
DIVIDEND HISTORY
|
Particulars |
2020 |
2019 |
2018 |
|
Dividend (final + interim) (In Rs.) |
Nil |
Nil |
Nil |
|
Retained Earnings (Consolidated) (In Rs. Crores) |
-169.38 |
-320.62 |
-206.06 |
PERFORMANCE OF THE COMPANY
As on March 31, 2020, the Utkarsh Small Finance Bank'soutstanding loan portfolio increased by 40.46% Year on Year to Rs. 6,660 crores.
During FY2020, The bank expanded its microfinance presence to the state of Odisha, increasing overall microfinance reach to 11 states as of March 31, 2020.
During the year, the Bank's microfinance loan client number extended to more than 25 lakhs spread over 135 districts of 11 states and served through 404 MicroBanking Outlets.
Microfinance loan portfolio (AUM) of the bank mobilized through its own network increased by 44% in FY2020 from Rs. 4,077 crores as of March 31, 2019, to Rs. 5,856 crores as of March 31, 2020.
The total loan portfolio of the MSME vertical that also includes personal loans grew by 49.28% from Rs. 164.93crore in FY2019 to Rs. 246.21 crore in FY2020.
The Bank's total deposit base increased by 38.08% during FY2019-2020 to Rs. 5,235.21 crore as of March 31, 2020, from Rs. 3,791.39 crore as of March 31, 2019.
The bank’s CASA (Current Account & Savings Account) grew by 86.24% to Rs. 706.66 crore as of March 31, 2020, from Rs. 379.44 crore as of March 31, 2019.
Retail Term Deposits grew by 119.73% to Rs. 1,814.52 crore as onMarch 31, 2020 from Rs. 825.78 crore as of March 31, 2019.
Revenue from Operations of Utkarsh CoreInvest Limited increased by 45.07% from Rs. 932.57 Crores in FY 2019 to Rs. 1,352.92 Crores in FY 2020.
EBITDA of the Utkarsh CoreInvest Limited increased by 104% from Rs. 416.85 Crores in FY 2019 to Rs. 850.46 Crores in FY 2020.
In FY 2019, Utkarsh CoreInvest Limited incurred a loss of 88.85 Crores, which turned into a profit of Rs. 202.51 Crores in FY 2020.
Utkarsh CoreInvest Limited has not given any dividends in the past three years.
