Arohan Financial Services Ltd. - Unlisted Shares
Fundamentals
- Current Price
- ₹0
- Market Cap
- 0
- ISIN
- INE808K01017
- Face Value
- ₹10
- P/E Ratio
- 0
- EPS
- ₹26.57
- P/B Ratio
- 0
- Book Value
- 121.64
- Debt / Equity Ratio
- 2.85
Key Financials
Profit & Loss
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Revenue from Operations | 1,591.17 | 1,069.45 | 901.73 | 986.19 | 921.80 |
| Growth % | 48.78% | 18.60% | -8.56% | 6.99% | - |
| Operating Expenses | 624.28 | 527.64 | 429.86 | 756.80 | 378.02 |
| Growth % | 18.32% | 22.75% | -43.20% | 100.20% | - |
| Operating Profit | 966.89 | 541.82 | 471.86 | 229.40 | 543.78 |
| Op. Profit Margin % | 60.77% | 50.66% | 52.33% | 23.26% | 58.99% |
| Other Income | 43.46 | 21.54 | 18.70 | 27.48 | 12.71 |
| Finance Costs | 592.23 | 468.64 | 401.76 | 467.99 | 382.20 |
| Depreciation | 5.68 | 4.76 | 5.86 | 6.69 | 6.70 |
| Profit Before Tax | 412.43 | 89.95 | 82.94 | -217.79 | 167.59 |
| Tax | 98.6 | 19.2 | 21.99 | -57.84 | 40.78 |
| Tax % | 6.20% | 1.80% | 2.44% | -5.87% | 4.42% |
| Profit After Tax | 313.82 | 70.72 | 60.95 | -159.95 | 126.80 |
| Growth % | 343.78% | 16.02% | -138.11% | -226.14% | - |
| PAT % | 19.72% | 6.61% | 6.76% | -16.22% | 13.76% |
| Diluted EPS | 26.57 | 5.84 | 5.20 | -14.56 | 12.05 |
Company Financials
| Metric | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|
| Equity Capital | 157.41 | 150.39 | 120.18 | 120.18 | 110.32 |
| Reserves | 1757.34 | 1187.64 | 903.30 | 838.46 | 852.31 |
| Total Equity | 1,914.76 | 1338.03 | 1023.48 | 958.64 | 962.63 |
| Borrowings | - | - | - | - | - |
| Provision | 26.88 | 24.68 | 21.00 | 17.89 | 14.23 |
| Other Non-Current Liabilities | 43.53 | 22.51 | 20.72 | 22.45 | 20.53 |
| Total Non financial Liabilities | 70.41 | 47.19 | 41.72 | 40.34 | 34.76 |
| borrowings | 5,207.96 | 3809.36 | 3410.78 | 3197.76 | 3983.41 |
| Other Current Liabilities | 922.31 | 823.59 | 753.61 | 1284.46 | 300.02 |
| Total financial Liabilities | 6,130.27 | 4632.95 | 4164.39 | 4482.21 | 4283.43 |
| Equity + Liabilities | 8,115.44 | 6018.17 | 5229.59 | 5481.19 | 5280.82 |
| Fixed Assets (incl. WIP) | 12.22 | 7.90 | 7.15 | 9.40 | 11.93 |
| Other Non Current Assets | 81.29 | 171.77 | 197.36 | 183.72 | 54.92 |
| Total Non financial Assets | 93.51 | 179.67 | 204.51 | 193.12 | 66.84 |
| Trade Receivables | 2.26 | 15.38 | 2.01 | 1.14 | 5.00 |
| Cash & Cash Equivalents | 1267.61 | 934.56 | 1307.35 | 1350.51 | 840.24 |
| Other Current Assets | 6,752.06 | 4888.56 | 3715.72 | 3936.42 | 4368.73 |
| Total financial Assets | 8,021.93 | 5838.50 | 5025.08 | 5288.07 | 5213.98 |
| Total Assets | 8,115.44 | 6,018.17 | 5,229.59 | 5,481.19 | 5,280.82 |
Shareholding Pattern
- Aavishkaar Venture Management Services Private Limited
- 20.61%
- Aavishkaar Goodwell India Microfinance Development Company
- 15.43%
- Intellectual Capital Advisory Services Pvt Ltd
- 14.93%
- TANO India Private Equity Fund II
- 14.07%
- Maj Invest Financial Inclusion Fund II KS
- 12.82%
- others
- 22.14%
Strengths & Weaknesses
Strengths
- Sizeable scale of operations: With over 18 years in microfinance, AFSL is one of India's largest NBFCs, operating across 17 states with 975 branches and 2.41 million borrowers. Its AUM grew 33% YoY to ₹7,112 crore in FY24, but industry stress led to a 1% contraction in Q1FY25. Future growth hinges on RBI's regulatory resolution.
- Healthy capitalisation, supported by regular equity infusion from investors: AFSL maintains a strong capital profile with continued investor support, raising ₹248 crore in FY23 and ₹266 crore in FY24. Gearing improved to 3.1x in Q1FY25, while TNW rose to ₹1,951 crore, boosting CAR to 29.01% (above the 15% requirement). CARE Ratings expects sustained capital strength.
- Diversified funding profile: AFSL has a diverse funding mix, with term loans forming 80% of its resources as of June 30, 2024. It has relationships with 49+ lenders, with the remaining funding from PTCs and assignments (10%), subordinated debt (6%), and NCDs (4%).
- Moderate asset quality: AFSL’s asset quality improved in FY24, with GNPA dropping to 1.67% from 2.86% due to ₹471 crore in write-offs. However, GNPA rose to 1.94% in Q1FY25 due to rising delinquencies from elections, weather conditions, and JLG model challenges
Weaknesses
- Moderate profitability, though improving : AFSL’s profitability improved post-COVID, with RoTA rising from 1.17% in FY22 to 5.14% in Q1FY25, despite high opex (6.47%) due to branch expansion.
- Geographical concentration: AFSL's MFI loan concentration in West Bengal, Bihar, and Uttar Pradesh remains high at 69% as of June 30, 2024, up from 65% in September 2023. West Bengal holds the highest exposure at 29%. The company operates across 17 states with diverse financial products.
About Arohan Financial Services Ltd.
Arohan Financial Services Limited (AFSL) is a Kolkata-based NBFC-MFI specializing in microlending, primarily to women borrowers, through the Joint Liability Group (JLG) model
Board of Directors
- Mr. Dinesh Kumar Mittal - Chairman of the Board & Independent Director
- Mr. Rajat Mohan Nag - Independent Director
- Mr. Sumantra Banerjee - Independent Director
- Mr. John Arunkumar Diaz - Independent Director
- Mr. Ulhas Sharadkumar Deshpande - Independent Director
- Mr. Vineet Chandra Rai - Promoter Nominee Director
- Mr. Anurag Agrawal - Promoter Nominee Director
- Mr. Piyush Goenka - Nominee Director
- Mr. Wilhelmus Marthinus Maria Van Der Beek - Nominee Director
- Mr. Stephen Dongwon Lee - Nominee Director
- Mr. Vemuru Chandramouli - Nominee Director
- Mr. Nitish Chawla - Nominee Director
- Ms. Karina Isabel Alva Alfaro - Nominee Director
- Ms. Rupa Rajul Vora - Nominee Director
- Mr. Manoj Kumar Narayan Nambiar - Managing Director