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CreditAccess Grameen Ltd share Price Today

Company details

1,404.05
1,423.95
1,168.70
1,796.00
6M Return -15.73%
1Y Return 32.12%
Mkt Cap.(Cr) 22,491.28
Volume 93,589
Div Yield 0.70%
OI
-
OI Chg %
-
Volume 93,589

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Finance company CreditAccess Grameen announced Q4FY23 & FY23 results:

Q4FY23:

  • GLP grew by 26.7% YoY from Rs 16,599 crore to Rs 21,031 crore
  • Borrower base grew by 11.5% YoY to 42.6 lakh across 1,786 branches
  • Collection Efficiency of 98.2% (excl. arrears) and 98.4% (incl. arrears)
  • Total income increased by 29.3% YoY from Rs 824.5 crore to Rs 1,066.2 crore
  • Net interest income (NII) increased by 32.7% YoY from Rs 519.6 crore to Rs 689.8 crore
  • Pre-provision operating profit (PPOP) increased by 36.3% YoY from Rs 368.8 crore to Rs 502.9 crore
  • Impairment of financial instruments declined by 30.3% YoY from Rs 151.0 crore to Rs 105.3 crore
    • Total ECL provisions were Rs 347.8 crore (1.78%) against GNPA (largely @ 60 dpd) of 1.21%, and PAR 90 of 0.96%. NNPA further reduced to 0.42%
    • Write-offs were Rs 102.1 crore
  • Profit After Tax (PAT) increased by 86.4% YoY from Rs 159.1 crore to Rs 296.6 crore
  • Robust liquidity of Rs 1,891.0 crore of cash & cash equivalents, amounting to 8.7% of the total assets
  • Healthy capital position with a CRAR of 23.6%
  • Credit Rating: AA-/Stable by ICRA & India Ratings, A /Positive by CRISIL

FY23:

  • Total income increased by 29.1% YoY from Rs 2,750.1 crore to Rs 3,550.8 crore
  • NII increased by 35.1% YoY from Rs 1,653.1 crore to Rs 2,234.0 crore
  • PPOP increased by 39.8% YoY from Rs 1,077.5 crore to Rs 1,506.4 crore
  • PAT increased by 134.0% YoY from Rs 353.1 crore to Rs 826.1 crore

Commenting on the performance, Mr. Udaya Kumar Hebbar, MD and CEO of CreditAccess Grameen, said, “FY23 has been a historic year in our humble journey where we achieved numerous milestones. This includes becoming the first pure-play microfinance institution in the country to cross the Rs 20,000 crore AUM mark, credit rating upgrade from ICRA and Ind-Ra to AA- (stable), ESG ratings from Sustainalytics and S&P Global, maiden Public NCD issue worth Rs 500 crore, first-of-it’s kind USD 35 million direct funding from DFC (USA), successful completion of CA Grameen’s merger with Madura Micro Finance, featuring in the top five of Fortune India Next 500 list, and “Great Place to Work” certification for 4th consecutive year. Our ethos of sticking to basics via the classical JLG model and strong execution strength has resulted in the best-in-class asset quality with collection efficiency at over 98% (excl. arrears). Our GNPA and Net NPA (predominantly at 60 dpd) stood at 1.21% and 0.42% respectively, while PAR 90 was at only 0.96%.

We have once again met our annual performance guidance. Our gross loan portfolio grew by 26.7% YoY to Rs 21,031 crore at the end of March 2023. We added nearly 12.3 lakh new borrowers in FY23 resulting in a borrower base of 42.64 lakh. We delivered a quarterly net profit of Rs 297 crore, resulting in ROA of 5.5% and ROE of 24.0%. For FY23, PAT, ROA, and ROE stood at Rs 826 crore, 4.2%, and 18.0% respectively. Our expansive presence across India, differentiated operating model, customised product offerings, highly scalable technology stack, and strong balance sheet place us at the forefront to establish ourselves as the preferred financial partner to millions of underserved low-income households.

For FY24, we are sanguine to achieve a growth of 24%-25% in the gross loan portfolio, NIMs of 12%-12.2% with a steady state credit cost of 1.6%-1.8%, translating into ROA of 4.7%-4.9% and ROE of 20.0%-21.0%.”

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CreditAccess Grameen Ltd shares SWOT Analysis

Strengths (15)

  • Company with high TTM EPS Growth
  • Strong Annual EPS Growth
  • Good quarterly growth in the recent results

Weakness (2)

  • Poor cash generated from core business - Declining Cash Flow from Operations for last 2 years
  • Weak Momentum: Price below Short, Medium and Long Term Averages

Opportunity (2)

  • Street Favorite: High Analyst Rating with at least 20% upside
  • Decrease in Provision in recent results

Threats (2)

  • Promoter decreasing their shareholding
  • RSI indicating price weakness

Resistance and support

R1 1,440.2
R2 1,455.7
R3 1,470.3
Pivot

1,425.58

S1 1,410.0
S2 1,395.4
S3 1,379.9
EMA SMA
1,431.3
1,452.2
1,477.8
1,445.2
1,446.5
1,427.8
1,511.0
1,509.4
Delivery and volume
CLIENT NAME DEAL TYPE ACTION DATE AVG. PRICE QUANTITY EXCHANGE
BNP PARIBAS ARBITRAGE Bulk Purchase 2023-06-30 1245.76 1216340 NSE
CANARA ROBECO MUTUAL FUND EMERGING EQUITY Bulk Purchase 2023-06-30 1245.01 1180000 NSE
PLUTUS WEALTH MANAGEMENT LLP Bulk Purchase 2023-06-30 1245 1023000 NSE
Name Category Shares
CREDITACCESS INDIA B.V. PROMOTER 66.58%

OUR RESEARCH VIEW

Investment recommendation
Eminent leadership in growing market to aid valuation
Call Date
20 Mar 2024
Entry Price 1,395.00
Target Price 1,700.00
Duration
12 Month

FINANCIALS

Sales
Operating Profit
Profit after Tax
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Reserves and Surplus
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Sales
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P BV

CreditAccess Grameen Ltd Stocks COMPARISON

Financials( in Cr) CreditAccess Grameen Ltd Bajaj Finance Ltd Bajaj Finserv Ltd Jio Financial Services Ltd Indian Railway Finance Corporation Ltd
Price 1,411.20 6,727.40 1,584.75 357.20 169.00
% Change -0.18 0.71 1 0.95 8.72
Mcap Cr 22,491.28 416,423.37 252,845.12 226,939.30 220,857.75
Revenue TTM Cr 3,487.03 41,398.35 82,071.70 44.84 23,891.95
Net Profit TTM Cr 826.06 11,507.69 12,209.54 31.25 6,337.01
PE TTM 15.69 28.85 31.06 143.18 37.49
1 Year Return 32.12 0.23 11.50 43.51 405.23
ROCE 12.06 11.76 12.69 0.03 5.32
ROE 17.81 23.46 28.18 0.02 14.66
INSIDER & INSTITUTIONAL ACTIVITY

Equity Capital: 5,106.97 Cr FV: 10.00

Period MF Net Purchase / (sold) FII Net
LAST 1M 45,096.27 -32,431.93
LAST 3M 105,135.14 -41,239.38
LAST 6M 172,248.08 48,806.90
LAST 12M 264,707.07 127,969.33

CreditAccess Grameen Ltd Information

Stock PE (TTM)
15.69
Promoter Holding
66.58%
Book Value
412.2128
ROCE
12.06%
ROE
17.81%
Description
  • CreditAccess Grameen Limited (formerly known Grameen Koota Financial Services Pvt. Ltd.) is Bengaluru headquartered microfinance institution offering affordable financial products and services. The lending products cater to income generation, education, medical, festival, home improvement, water and sanitation and emergency needs of customers. The Company has enhanced the capabilities beyond solving basic credit needs to cover a wide range of financial and non- financial products including, unsecured business loans, mortgage-backed business loans, two-wheeler loans, gold loans, affordable housing loans, wage loss insurance, life insurance and AEPS enabled cash withdrawal facility to the microfinance model going beyond the traditional credit delivery mechanism. The Company is engaged primarily in providing micro finance services to women who are enrolled as members and organized as Joint Liability Groups (JLG). In addition to core business of providing micro-credit, it uses distribution channel to provide certain other financial products and services to the members. It provides other categories of loans like family welfare loans, home improvement loans and emergency loans to existing customers. As of March 31, 2023, the Company had 1,786 branches across 352 districts in the States of Karnataka, Maharashtra, Madhya Pradesh, Chhattisgarh, Tamil Nadu, Odisha, Kerala, Goa, and the Union Territory of Puducherry. CreditAccess Grameen Limited was originally incorporated as a Private Limited Company under the name `Sanni Collection Private Limited` (SCPL) on June 12, 1991 at Calcutta, West Bengal. The Company converted into a Public Limited Company on November 27, 2017 and name of the Company was changed to Grameen Koota Financial Services Limited on December 18, 2017. Pursuant to Resolution passed by Shareholders, name of the Company was changed to CreditAccess Grameen Limited on January 12, 2018. Subsequently, RBI granted a fresh Certificate of Registration dated January 19, 2018, under the name `CreditAccess Grameen Limited`. The Company is promoted by CreditAccess Asia N.V., a multinational company specializing in MSE (micro and small enterprise) financing. In February 2007, the entire shareholding of SCPL was acquired by Vinatha M. Reddy, Vijitha Subbaiah and Suresh K. Krishna, in their respective individual capacity. Subsequently, in October 2007, the microfinance business being operated under T. Muniswamappa Trust (TMT), a public charitable trust engaged in the business of providing micro loans in Karnataka was transferred to SCPL. The microfinance business being operated under TMT was established as a programme under the name `Grameen Koota` in 1999. In 2008, Company launched Mifos software in all its branches. It commenced operations in Maharashtra. Subsequent to acquisition of SCPL and transfer of microfinance business of TMT to SCPL, SCPL was re branded under the `Grameen` name, and pursuant to a Resolution of the Shareholders of SCPL, its name was changed from SCPL to Grameen Financial Services Private Limited (`GFSPL`) on March 14, 2008, post which the Reserve Bank of India (RBI) granted a Certificate of Registration dated July 28, 2009 reflecting the change of name. In 2010, the company raised Rs 57.60 crore through securitisation. In 2011, it commenced integration with Credit Bureau for credit decisions and also commenced multi-product strategy. The Company granted NBFC-Microfinance Institution (`NBFC-MFI`) status by the RBI with effect from September 5, 2013. Subsequently, the name of the Company was changed to Grameen Koota Financial Services Private Limited on November 13, 2014. Further, a fresh certificate of registration consequent upon change of name was issued to the company by the RBI on December 16, 2014. In 2014, CreditAccess Asia N.V. acquired a majority stake in the company. In 2015, the company commenced operations in Madhya Pradesh and Chhattisgarh. It established 7 regional processing centres across its operational geographies. It launched a core banking IT solution - T24. In 2016, it introduced business loans facilities as part of the Retail Finance division. CreditAccess Grameen came out with an initial public offer (IPO) during the period from 8 August 2018 to 10 August 2018. The IPO was a combination of fresh issue of Rs 630 crore and an offer for sale of 1.18 crore equity shares from promoter CreditAccess Asia N.V. The IPO was priced at Rs 422 per share. The stock made its debut on the bourses on 23 August 2018. In August 2018, Company after listing its shares on the BSE & NSE completed a securitisation transaction valued Rs. 91.22 crore on August 27, 2018. On 31 August 2018, Company completed a securitisation transaction of Rs 248.35 crore on August 31, 2018. With this transaction, it completed five securitization transactions and one Direct Assignment transaction totalling to Rs.733.11 crore in FY19. The Company acquired 75.64% of the shareholding of Madura Micro Finance Limited (MMFL) from its existing shareholders on March 18, 2020, which was a subsidiary of the Company from March 18, 2020 up to March 31, 2020 and additionally acquired 0.44% of the share capital of MMFL on March 31, 2020. During financial year 2020-21, Company completed Qualified Institutional Placement (QIP) of Rs. 8,000 million. It opened 35 new branches in March 2021 across Rajasthan, Bihar, Jharkhand, Madhya Pradesh, Gujarat and d Uttar Pradesh, which was in expansion line. CreditAccess India Foundation (CAIF) was incorporated on May 29, 2021, as a wholly owned subsidiary of the Company. During FY 2022, the Company opened 211 new branches. The erstwhile Material Subsidiary, Madura Micro Finance Limited (MMFL) and CreditAccess Grameen Limited got merged through the Scheme of Amalgamation effective from February 15, 2023 and accordingly, all the undertakings of MMFL were transferred and vested in the Company on a going concern basis during the year 2022-23. During the year 2022-23, the Company raised, by way of Public Issue, Rs 500 Crore of Secured NCDs having a face value of Rs 1000 each, allotted on November 23, 2022 and as a result, the NCDs got listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The Company opened 167 new branches in FY23 across Bihar, Chhattisgarh, Gujarat, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan, Tamil Nadu, Uttar Pradesh, and West Bengal.

Registered Address

New No 49 (O No 725) 46th Cros, 8th Block Jayanagar, Bangalore, Karnataka, 560071

Tel : 91-80-22637300
Email : cs:cagrameen.in
Website : http://www.creditaccessgrameen.in
Registrar

Karvy Computershare Pvt Ltd

AGM Date (Month) : Aug
Face Value Equity Shares : 10
Market Lot Equity Shares : 1
BSE Code : 541770
NSE Code : CREDITACC
Book Closure Date (Month) :
BSE Group : A
ISIN : INE741K01010

FAQ’s on CreditAccess Grameen Ltd Shares

You can buy CreditAccess Grameen Ltd shares through a brokerage firm. ICICIdirect is a registered broker through which you can place orders to buy CreditAccess Grameen Ltd Share.

Company share prices and volatile and keep changing according to the market conditions. As of May 17, 2024 03:50 PM the closing price of CreditAccess Grameen Ltd was Rs.1,411.20.

Market capitalization or market cap is determined by multiplying the current market price of a company�s shares with the total number of shares outstanding. As of May 17, 2024 03:50 PM, the market cap of CreditAccess Grameen Ltd stood at Rs. 22,491.28.

The latest PE ratio of CreditAccess Grameen Ltd as of May 17, 2024 03:50 PM is 15.69

The latest PB ratio of CreditAccess Grameen Ltd as of May 17, 2024 03:50 PM is 0.29

The 52-week high of CreditAccess Grameen Ltd share price is Rs. 1,796.00 while the 52-week low is Rs. 1,168.70

According to analyst recommendations, CreditAccess Grameen Ltd Share has a "Buy" rating for the long term.

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