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ICICI Securities Report
Fino Payments Bank Ltd.'s Q4 FY22 result was characterised by strong revenue growth in focused products like current account and savings account and cash management service resulting in profit after tax margin expanding to 6.2% versus 5.1% in Q3 FY22.
This led to profit after tax growing 25% QoQ to Rs 176 million.
Monthly run-rate of new CASA account opening stood at 0.025 million, and CMS monthly throughput stood at Rs 30 billion as on March 2022, implying annualised run-rate of 2.7 million new account opening and CMS throughput of Rs 360 billion in FY23E.
Revenue contribution from own channel witnessed a marginal uptick to 65% versus 64% in Q3 FY22 and within that subscription-based revenue grew robust 15% QoQ.
Subscription based revenue now contributes 42% of total revenue, providing stickiness. This will help Fino bring in revenue stability.
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