Really like this slide, hope they continue to present this data going forward.
Captures the sustained performance and the visible business transformation post FY21 well.
Lots of interesting datapoints in the Q3 presentation showing growth + transformation across ABC verticals. A couple that really stood out to me:
- NBFC - Customer count ↑ 12x y-o-y at 23 lac; Portfolio ATS at Rs 2 Lacs (PY: Rs 24 lacs) → This is a massive transformation from a largely wholesale book to an incrementally granular book! Retail+SME disbursals in Q3 2022 > Total disbursals in Q3 2021
- ABC Branch Network - Targeting 1,100 One ABC branches by Mar 22, covering all cities >3 lacs population pan India. Aggressively growing NBFC reach in Tier 3-4 cities → From 50 branches in Dec 19 to 150 branches by Mar 22
- Digital - 94% of customers were onboarded digitally across businesses
- Health Insurance - Has been a significant drag on profits so far during incubation and will breakeven in Mar 22, will be an additional lever for profitability from FY 23 onwards
These results really demonstrate that AB Capital needs to be priced as a leader in the financials space rather than a laggard. ABC is performing significantly better than Bajaj Finserve on key metrics, and the rest of its peer group as well. Rerating is imminent imo
disc. Invested