Corporate Presentation – FY15 · “should”, “will”, “would”, or other words or phrases...
Transcript of Corporate Presentation – FY15 · “should”, “will”, “would”, or other words or phrases...
Corporate Presentation – FY15
Disclaimer
2Corporate Presentation
This presentation has been prepared by and is the sole responsibility of Capital First Limited (together with its subsidiaries, referredto as the “Company”). By accessing this presentation, you are agreeing to be bound by the trailing restrictions.
This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of anyoffer or recommendation to purchase or subscribe for, any securities of the Company, nor shall it or any part of it or the fact of itsdistribution form the basis of, or be relied on in connection with, any contractor commitment therefore. In particular, thispresentation is not intended to be a prospectus or offer document under the applicable laws of any jurisdiction, including India. Norepresentation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy,completeness or correctness of the information or opinions contained in this presentation. Such information and opinions are in allevents not current after the date of this presentation. There is no obligation to update, modify or amend this communication or tootherwise notify the recipient if information, opinion, projection, forecast or estimate set forth herein, changes or subsequentlybecomes inaccurate.
Certain statements contained in this presentation that are not statements of historical fact constitute “forward-lookingstatements.” You can generally identify forward-looking statements by terminology such as “aim”, “anticipate”, “believe”,“continue”, “could”, “estimate”, “expect”, “intend”, “may”, “objective”, “goal”, “plan”, “potential”, “project”, “pursue”, “shall”,“should”, “will”, “would”, or other words or phrases of similar import. These forward-looking statements involve known andunknown risks, uncertainties, assumptions and other factors that may cause the Company’s actual results, performance orachievements to be materially different from any future results, performance or achievements expressed or implied by suchforward-looking statements or other projections. Important factors that could cause actual results, performance or achievementsto differ materially include, among others: (a) material changes in the regulations governing our businesses; (b) the Company'sinability to comply with the capital adequacy norms prescribed by the RBI; (c) decrease in the value of the Company's collateral ordelays in enforcing the Company's collateral upon default by borrowers on their obligations to the Company; (d) the Company'sinability to control the level of NPAs in the Company's portfolio effectively; (e) certain failures, including internal or external fraud,operational errors, systems malfunctions, or cyber security incidents; (f) volatility in interest rates and other market conditions;and(g) any adverse changes to the Indian economy.
This presentation is for general information purposes only, without regard to any specific objectives, financial situations orinformational needs of any particular person. The Company may alter, modify or otherwise change in any manner the content ofthis presentation, without obligation to notify any person of such change or changes.
Agenda
3
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Company’s Vision
Corporate Presentation 4
To primarily provide Micro, Small and Medium Enterprises in India with debt capital to support the growth of the MSME sector.
To finance the growing aspirations of the Indian Consumers with favourable demographics.
To be a leading financial services provider- admired and respected for high corporate governance, ethics and values.
Overview
• Capital First is a Non-Banking Finance Company listed on NSE and BSE, with arecord of consistent growth & profitability.
• The company has consistently increased its MSME and Retail financing from 10% onMarch 31, 2010 to 84% as on March 31, 2015.
• CFL has loan Asset Under Management of Rs. 119.75 bn as on March 31, 2015.
• CFL has a strong distribution setup across India covering customer at 222 townswith an employee base of 1070 as on March 31, 2015.
• The Capital Adequacy is 23.5% (post dividend) as on March 31, 2015.
• The Gross and Net NPA of the Company stood at 0.69% and 0.17% respectively ason March 31, 2015.
• The Company’s long term credit rating (Bank Facilities, NCD and Subordinated Debt)is rated highly at AA+ by rating agencies.
Corporate Presentation 5
Agenda
6
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Capital First – Transformation from Wholesale to Retail NBFC
7
10%
56%
44% 74
%
26%
81%
19%
FY10 FY11 FY12 FY13 FY14
• Launched credit scoring for CD
• Launched Gold Loan business
• Divested Forexbusiness
• Long Term Credit Rating (Bank Credit, NCD & Sub-Debt) upgrade from A+ to AA-
• Amalgamated NBFC subsidiary with Holding Company*
• Warburg Pincus acquired majority stake*
• Infused Rs. 1.00 bn as primary equity*
• Capital First is formed• Long Term Credit
Rating (Bank Credit, NCD & Sub-Debt) upgrade from AA- to AA+
• Company raised Rs. 1.78 billion as fresh equity from Warburg Pincus (Rs. 1.28 bn) and HDFC Standard Life (Rs. 0.50 bn)*
• Company’s housing finance subsidiary acquired HFC license from NHB*
• Closed Broking Business*
9.35 bn
27.51 bn
61.86 bn
75.10 bn
28%
72%
• Wholesale NBFC
90%
96.79 bn
119.75 bn
• Company’s Assets under Management reached close to Rs. 120 billion.
• Number of customers financed since inception crossed 1.1 million.
• Capital First raised Rs. 3,000 million of primary equity capital through QIP*
• Total Capital (Tier1+Tier2) at Rs. 22.39 billion (post dividend) as of 31 March 2015
FY15
Wholesale Assets MSME and Retail Assets
Corporate Presentation
*Corporate actions
84%
16%
Agenda
8
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
MSME Segment in India
9
Corporate Presentation
Largely Proprietorship, Partnerships
Proprietorships
Public / Private Limited Companies
Partnerships/ Proprietorships / Cooperatives
• Micro, Small and Medium enterprises form a large part of the Indian Economy. They generateemployment and act as a catalyst for socio-economic transformation in India
• There are more than 29 million MSME enterprises across India employing more than 69 millionpeople
• MSMEs account for 45% of the Indian Industrial output and 40% of the total exports.
% of total number of MSME players in India*
95.1%
4.7%
0.2%
Source: “Micro, Small and Medium Enterprise Finance in India – A Research Study on Needs, Gaps and Way Forward” by IFC, Nov 2012
Corporate Presentation
Challenges faced by MSMEs in India• MSME sector, especially the unorganized micro and small enterprises, lack in support from the
existing ecosystem, owing to their small scale which in turn is an impediment to their growth.Some of the key challenges faced by MSMEs are mentioned below –
Corporate Presentation 10
FINANCE• Absence of adequate and timely supply of finance for working capital
• High cost of credit
• Collateral Requirements
• Limited Access to Equity Capital
INFRASTRUCTURE & PEOPLE• Low Production Capacity and lack of Advanced Technology to cater to rise in demand
• Limited ability for expansion and modernization
• Lack of proper transportation and warehouse
• Lack of Skilled Manpower
LEGAL, TAX & COMPLIANCE• Limited knowledge of legal structuring
• Complexity of labour laws (PF, ESIC, Factories Act)
• Taxation issues related to export and import
• Limited resources to meet reporting requirements of large number of compliances like Income Tax returns, Service Tax returns, VAT returns, Central Excise returns, Cess Returns etc.
OPERATIONS• Local Disturbances (dealing with interested parties)
• Cost and quality of Power ( Fluctuations, consistent outages, self financed generators)
• Poor roads, efficient transportation of raw material
• Packaging, pricing and marketing of goods
• Squeezed by larger customers (principals) on delayed payment terms.
Financing Need of MSMEs
• MSMEs require timely capital through short and long term loans, apart from the seed capital
• IFC has estimated the financing (debt) demand for the MSME segment to be more than Rs. 26Trillion for India per year*.
• MSMEs generally rely on their own funds like savings, retained earnings, sale of assets, loanfrom family members, relatives, community as well as unconventional and unregulated moneylenders for their entrepreneurial ventures.
• Access to formal bank finance is difficult for SMEs, but this is particularly so for small, micro andunorganized players.
• Lenders too face challenges in lending because of informal business practices, large cash/parallel economy in this segment, difficulty in evaluating credit worthiness, lack of properfinancial reporting and relatively high cost of credit appraisal for low ticket loans.
• The conventional credit approach may not be effective while assessing the creditworthiness ofthese MSME players
Corporate Presentation 11
*Source: “Micro, Small and Medium Enterprise Finance in India – A Research Study on Needs, Gaps and Way Forward” by IFC, Nov 2012
CFL – A Specialized Player in MSME Financing
Corporate Presentation 12
Rs. 1 Mn -Rs. 20 Mn
Rs. 1,00,000 –Rs. 1 million
Rs. 30,000 – Rs. 1,00,000
Rs. 20,000 – Rs. 30,000
To Small and Medium Entrepreneurs financing based on customised cash flow analysis and
references from the SME’s customers, vendors, suppliers.
To Small Entrepreneurs/ partnership firms in need of immediate funds, for say, purchase of additional
inventory for an unexpected large order.
To Micro business owners and consumers for purchase of PC, printers, office
furniture, Tablets, Two-Wheeler, etc.
Typical Loan Ticket Size from CFL
• CFL is a specialized MSME Financing player with credit evaluation methodology for this segment.• Capital First offers different financing options to different categories of MSMEs catering to their
financing needs at different stages of the business lifecycle.
Note: The figures are for the period Jan-Sep, 2014
CFL Financing Offerings for MSME Segment
Corporate Presentation 13
MSME
Loans for Business Expansion
Short Term Business funding
Loans for Two Wheelers
Loans for Office Furniture
Loans for Office Automation –
PCs, Laptops, Printers
Loans for Plant & Machinery
Loans for display panels
Loans for Air-Conditioners
CFL Financing Offerings
Corporate Presentation 14
• Mortgages: CFL provides long-term securedloans to MSMEs by proper evaluation of cashflow of the MSME, and backed by collateral ofproperty. The average LTV at origination is42%.
• These are monthly amortising products withno moratorium for Interest or Principalrepayment. The actuarial tenor of the loans isusually about 5-6 years. SMEs usually prepaythese facilities before time based on their cashaccruals.
• Average ticket size is about Rs. 9.6 Mn
• Challenges: Evaluation of cash flow is a keychallenge in financing MSMEs under thisfinancing category.
Note: All the loan product related figures are for the period FY15
CFL Financing Offerings
Corporate Presentation 15
• Two Wheeler loans: CFL Providesfinancing to MSMEs like small traders,suppliers, shop keepers., and to salariedcustomers for purchase of Two-Wheelers.
• These loans are relatively small ticket sizeof about Rs. 44,000.
• The tenor of the loan is about 24 months.
• The LTV is about 70% for the mentionedperiod.
• Challenges: This line of business requiressignificant effort in Collections of EMIs asthe EMIs are small, number of customersare large and run into lacs, and collectioncosts are high.
Note: All the loan product related figures are for the period FY15 1 lac= 1,00,000
CFL Financing Offerings
Corporate Presentation 16
• Durable Financing: CFL providesfinancing to consumers for purchase ofLCD/LED Panels, Laptops, Furniture, AirConditioners and other such whitegoods. These are also availed by smallentrepreneurs for office purposes.
• The Average Ticket Size is about Rs.30,000.
• The Loan to Value ratio is about 76%.
• The tenor of this loan is about 9 months
• Challenges: This line of businessrequires effort in Collections of EMIs asthe EMIs are small, number ofcustomers are large and run intolacs, and collection costs are high.
Note: All the loan product related figures are for the period FY15, 1 lac= 1,00,000
Agenda
17
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Credit Processes
Corporate Presentation 18
Sales, credit, operations and collections are independent of each other, with independent reporting lines for checks and balances in the system.
Credit Policy(For defining
Lending Norms)
Business Origination
Team
Credit Underwriting
Team
Loan Booking and Operations
Team
Portfolio Monitoring &
Collections
100 98
59 56 4937
2 39
36
12
37
Application Logged in
CIBIL/Credit Bureau rejection
Rejection due to Insufficient Cashflow /
Documentation
Rejection after Personal Interview
Rejection due to legal & technical
reasons
Rejected for other reasons
Net Disbursals
Credit Underwriting ProcessMortgages
Corporate Presentation 19
In the Mortgages business at Capital First, about 37% ofthe total applications are disbursed after passing throughseveral levels of scrutiny and checks, mainly centredaround cash flow evaluation, credit bureau and referencechecks
Rigorous and robust credit assessment processes in Capital First help in maintaining the highasset quality and low NPA levels
✘✘
✘
✘✘
Note: The data is for the period October, 2012 to September, 2014
Agenda
20
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating & Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Credit Rating
Corporate Presentation 21
• The long term credit rating of the company is AA+ for Bank Facilities, NCD & Subordinated Debt, which recognizesits comfortable capitalization levels, strong business model, comfortable asset quality parameters, healthyliquidity position, experienced management team, and strong promoter Warburg Pincus.
Long term Credit Rating (Bank Facilities, NCD & Subordinated Debt)
A+ A+
AA-
AA+ AA+ AA+
FY10 FY11 FY12 FY13 FY14 Q2-FY15FY15
Capital
Corporate Presentation 22
18.6% 23.5% 22.2%Capital Adequacy Ratio (%)
All figures are in Rs. Mn unless specified
Note: Capital includes Networth, Perpetual Debt and Sub-Debt* Post Dividend payout
29.0% 23.5% 23.5%*
6,909 7,471
10,316
15,107
17,869
22,388*
5,000
7,000
9,000
11,000
13,000
15,000
17,000
19,000
21,000
23,000
25,000
FY10 FY11 FY12 FY13 FY14 FY15
Agenda
23
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
24
Chairman & Managing Director
Corporate Presentation
He joined the ICICI Limited in early 2000 when it was still a Domestic Financial Institution and helped the transition of ICICI as a DFI to a Universal Bank.He launched the Retail Banking Business for ICICI in 2000, and built it to 1400 ICICI Bank branches in 800 cities, 25 million customers, a vast CASA andretail deposit base, with branch, internet and digital banking, and built a retail loan book of over 1,35,000 Crores in Mortgages, Auto loans, CommercialVehicles, Credit Cards and Personal Loans. In addition, he also built the ICICI Bank’s SME business and managed the Rural Banking Business. Thesebusinesses helped the conversion of the institution to a universal bank renowned for retail banking.
He was appointed as MD and CEO of ICICI Personal Financial Services at 32, Executive Director on the Board of ICICI Bank at the age of 38 and becamethe MD and CEO of ICICI Prudential Life Insurance Co at 41. He was also the Chairman of ICICI Home Finance Co. Ltd, and served on the Board of ICICILombard General Insurance Company, CIBIL- India’s first Credit Bureau, and SMERA- SIDBI’s Credit Rating Agency. He started his career with CitibankIndia in 1990 and worked there till 2000 in retail banking.
During his career, he and his organization have received a large number of domestic and international awards including “Best Retail bank in Asia2001”, “Excellence in Retail Banking Award” 2002, “Best Retail Bank in India 2003, 2004, and 2005 from the Asian Banker”, “Most Innovative Bank”2007, “Leaders under 40” from Business Today in 2009, “Greatest Corporate Leaders of India, 2014”, and was nominated “Retail Banker of the Year” byEFMA Europe for 2008. He is an alumnus of Birla Institute of Technology and Harvard Business School. He is a regular speaker in India and internationalforums on Financial and Banking matters.
He is a regular marathoner and has run 7 marathons and 13 half marathons. He lives in Mumbai with his family of father, wife and three children.
Mr. V. Vaidyanathan is the Chairman and Managing Director of Capital First Limited (CFL). He worked withCitibank from 1990-2000, and with the ICICI Group from 2000-2010. In order to take an entrepreneurialrole, he acquired a stake in an existing NBFC, and then secured an equity backing of USD 150 million fromWarburg Pincus in 2012, and thus formed Capital First Limited. Warburg Pincus is a large Global Private Equityplayer with funds of over US$ 40 billion. Post the transaction, he holds shares and options totaling 14% of thecompany on a fully diluted basis through personal holdings and related entities.
In March 2010, CFL was a wholesale lending NBFC with Capital Base of Rs. 690 Crores with loan assets of Rs.935 Crores with NPA of 5.3%. He used this platform to transform the company into a highly successful RetailNBFC with a Capital Base of Rs. 22.39 billion, with loan assets of Rs. 119.75 billion (Mar’15), and NPA of lessthan 1%. Under his leadership, the long term credit rating has been re-rated thrice in 3 years from A+ to AA+.CFL now has over 1000 employees, in 222 locations in India. He believes that financing India’s 30 millionMSMEs and India’s emerging middle class, with a differentiated model based on new technologyplatforms, offers a unique opportunity in India.
Board of Directors
Corporate Presentation 25
Vishal MahadeviaNon-Executive
Director
Mr. Vishal Mahadevia joined Warburg Pincus in 2006, is co-head of the firm's Mumbai office. Previously, he was a principal at Greenbriar Equity Group, a fund focused on private equity investments. Prior to that, Mr. Mahadevia worked at Three Cities Research, Inc., a New York-based PE fund, and with McKinsey & Company
N.C. SinghalIndependent Director
Mr. N. C. Singhal was a Banking Expert to the Industrial Development Bank of Afghanistan, for the World Bank project and a Consultant and Management Specialist with the ADB. He was the founder Chief Executive Officer of The Shipping Credit & Investment Corporation of India Limited.
Hemang RajaIndependent Director
Mr. Hemang Raja has a vast experience of over thirty three years in financial services encompassing Project Finance and Corporate Banking with IL&FS. He has been involved in the Private Equity and Fund Management business with Credit Suisse and Asia Growth Capital Advisers in India as MD and Head-India
M S Sundar RajanIndependent Director
Mr. Sundar Rajan was Chairman and Managing Director (CMD) of Indian Bank and has total experience of over 38 years in the Banking Industry. He has also earlier worked with Union Bank of India for over 33 years. During his Stewardship as CMD of Indian Bank, the Bank has won many accolades and awards
Dr. Brinda JagirdarIndependent Director
Dr Brinda Jagirdar is an independent consulting economist with specialization in Indian economy and financial intermediation with more than 38 years of Banking experience. She retired as Chief Economist, State Bank of India. She was associated with the Raghuram Rajan Committee on Financial Sector Reforms in India.
Dinesh KanabarIndependent Director
Mr. Dinesh Kanabar is the CEO of Dhruva Tax Advisors LLP. He has over 25 years’ experience in advising some of the largest corporate houses. Earlier, he was the Deputy CEO of KPMG India. He has also served as the Deputy CEO of RSM & Co and led the tax and regulatory practice of PwC. He is a member of the Rangachary Committee set up by the Prime Minister of India for reviewing the taxation of Development Centres and the IT Sector.
Narendra OstawalNon-Executive
Director
Mr. Narendra Ostawal is based in Mumbai, joined Warburg Pincus in 2007 and focuses on investments in India. Previously, he was an Associate at 3i, and a consultant with McKinsey & Company. Mr. Ostawal is a Chartered Accountant, received an M.B.A from Indian Institute of Management, Bangalore.
Agenda
26
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
Equity Shareholding Pattern (as on 31 March 2015)
Corporate Presentation 27
Promoters (Warburg Pincus-
Affiliated Companies)
65.38%
FII & FPI, 7.71%
Financial Institutions/Banks
0.16%Bodies
Corporate, 7.09%
Individuals, 8.01%
Others, 11.65%
Total Foreign ownership (FII+FDI)= 73.09%
Agenda
28
Overview of the Company
Changing Asset Composition
Product Offering
Credit Processes
Credit Rating and Capital Position
Board of Directors
Corporate Presentation
Shareholding Pattern
Financial Results
29Corporate Presentation
Key FinancialsTrailing 8 quarters
All figures are in Rs. Mn unless specified
731794
913 928
1,152
1,306
1,4241,481
0
200
400
600
800
1000
1200
1400
1600
Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15
Net Interest Income (NII)
30Corporate Presentation
Key FinancialsTrailing 8 quarters
All figures are in Rs. Mn unless specified
9431,024
1,0981,157
1,4421,548
1,7551,843
0
200
400
600
800
1000
1200
1400
1600
1800
2000
Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15
Total Income Opex
31Corporate Presentation
Key FinancialsTrailing 8 quarters
All figures are in Rs. Mn unless specified
74
115
169
232
324
417
453468
0
50
100
150
200
250
300
350
400
450
500
Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15
Consistent Increase in PBT over last 8 quarters
Consolidated Profit & LossCorresponding quarter (Q4-FY15 vs. Q4-FY14)
32Corporate Presentation
All figures are in Rs. Mn unless specified
Particulars Q4-FY15 Q4-FY14 % Change
Interest Income 3,489 2,660 31%
Less: Interest Expense 2,008 1,732 16%
Net Interest Income (NII) 1,481 928 60%
Fee & Other Income 362 229 58%
Total Income 1,843 1,157 59%
Opex 1,057 862 23%
Provision 318 62 413%
PBT 468 232 102%
Tax 103$ (66) $ -
PAT 365 298 22%
$ Includes one-time credit of Rs. 173.2 million in Q4-FY14 and Rs. 48.9 million in Q4-FY 15 on completion of Income Tax Assessment.Excluding these one time credits, the PAT in Q4-FY14 and Q4-FY15 would have been Rs. 153.1 million and Rs. 308.9 million respectively.
Consolidated Profit & LossCorresponding Year (FY15 vs. FY14)
All figures are in Rs. Mn unless specified
33Corporate Presentation
Particulars FY15 FY14 % Change
Interest Income 13,241 9,861 34%
Less: Interest Expense 7,878 6,468 22%
Net Interest Income (NII) 5,363 3,393 58%
Fee & Other income 1,225 829 48%
Total Income 6,588 4,222 56%
Opex 3,870 3,122 24%
Provision 1,055 510 107%
PBT 1,663 590 182%
Tax 520 64 713%
PAT 1,143 526 117%
All figures are in Rs. Mn unless specified
34Corporate Presentation
Consolidated Profit & LossSequential quarter (Q4-FY15 vs. Q3-FY15)
Particulars Q4-FY15 Q3-FY15 % Change
Interest Income 3,489 3,471 1%
Less: Interest Expense 2,008 2,046 -2%
Net Interest Income (NII) 1,481 1,425 4%
Fee & Other Income 362 331 9%
Total Income 1,843 1,755 5%
Opex 1,057 996 6%
Provision 318 306 4%
PBT 468 454 3%
Tax 103$ 154 -33%
PAT 365 299 22%
$ Includes one-time credit of Rs. 48.9 million in Q4 FY 15 on completion of Income Tax Assessment. Excluding this one time credit, the PAT in Q4 -15 would have been Rs. 308.9 million.
35Corporate Presentation
Consolidated Profit & LossTrailing 8 quarters
All figures are in Rs. Mn unless specified
Particulars Q1-FY14 Q2-FY14 Q3-FY14 Q4-FY14 Q1-FY15 Q2-FY15 Q3-FY15 Q4-FY15
Interest Income 2,212 2,408 2,581 2,660 3,047 3,234 3,470 3,489
Less: Interest Expense 1,481 1,587 1,668 1,732 1,895 1,928 2,046 2,008
Net Interest Income 731 794 913 928 1,152 1,306 1,424 1,481
Fee & Other income 212 203 184 229 290 242 331 362
Total Income 943 1,024 1,098 1,157 1,442 1,548 1,755 1,843
Opex 736 777 746 863 905 913 996 1,057
Provision 133 132 183 62 213 218 306* 318*
PBT 74 115 169 232 324 417 453 468
Tax 19 43 68 (66)$ 116 146 154 103$
PAT 55 72 101 298 208 270 299 365
$ Includes one-time credit of Rs. 173.2 in Q4-FY14 and Rs. 48.9 million in Q4-FY 15 on completion of Income Tax Assessment. Excluding these one time credits, the PAT in Q4-FY14 and Q4-FY15 would have been Rs. 153.1 million and Rs. 308.9 million respectively.
Consolidated Balance SheetAll figures are in Rs. Mn unless specified
36Corporate Presentation
Particulars As on March 31, 2015
As on March 31, 2014
SOURCES OF FUNDS
Net worth 15,738* 11,719
Loan funds 84,374 84,220
Total 100,112 95,939
APPLICATION OF FUNDS
Goodwill - 64
Fixed Assets 191 276
Deferred Tax Asset (net) 421 171
Investments 949 3,474
Current Assets, Loans & Advances
Loan Book 87,845 69,444
Other current assets and advances 17,414 27,890
Less: Current liabilities and provisions (6,709) (5,380)
Net current assets 98,551 91,953
Total 100,112 95,939
* Post Dividend payout
Investor ContactSAPTARSHI BAPARI+91 22 4042 3534, +91 99200 [email protected]
Capital First LimitedIndia Bulls Finance CentreTower II, 15th FloorSenapati Bapat MargElphinston (West)Mumbai 400 013
Websitewww.capfirst.com
Corporate Presentation 37
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