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ICICI Securities Report
Fino Payments Bank Ltd.'s Q1 FY23 financial performance (earnings down 43% QoQ) was impacted due to business seasonality and ~more than 100 basis points gross margin contraction attributable to product mix change.
The revenue share of open banking channel further increased to 38% in Q1 FY23 versus 31% in Q1 FY22. Gross margin in open banking is as low as 4% versus 47% on own channel business.
However, strong traction in key focus products like current account and savings account and cash management services continued as reflected in a robust more thant 100% YoY growth in CASA revenue and CMS revenue growth at 62% YoY.
Overall, Fino Payments' gross revenue grew by a modest 1% QoQ, however adjusted for interest income, the same remained flat QoQ at Rs 2.7 billion in Q1 FY23.
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