CREDITACC · Financial Services
CreditAccess Grameen Ltd. reported total income of ₹1,407 cr for January to March 2025, −3.4% on the year and +2.0% on the quarter. Over the last four quarters income comes to ₹5,752 cr, +11.3% on the four before.
Net interest income, interest earned less interest paid, was ₹929 cr, −4.7% on the year and +2.7% on the quarter. For a lender this is the core earnings line: it shows whether the loan book and its pricing are growing faster than the cost of funds.
Net profit was ₹47.0 cr, −88.2% on the year and — on the quarter, with earnings per share of ₹2.96. The tax rate was 8% against an average of 26% over the previous 6 quarters, which lifted profit this quarter. Profit over the last four quarters totals ₹531 cr, −63.3% on the four before.
An NBFC's quarter turns on loan growth, its cost of borrowing and credit costs; profit can rise for a while simply because provisions fall. The quarterly statements do not carry AUM growth, stage 2 and 3 assets, credit cost and the cost of funds; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed, Asset quality (lenders), Net interest margin (lenders). Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
Lenders are read on NIM, asset quality, provision cover and credit cost. Those come from the filing read, which is not in yet for this quarter, so margin, other-income and cash checks are withheld rather than shown on a template built for manufacturers.
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total income | ₹1,292 cr | ₹1,457 cr | ₹1,512 cr | ₹1,453 cr | ₹1,380 cr | ₹1,407 cr | ₹1,463 cr | ₹1,508 cr | ₹1,490 cr | ₹1,597 cr | ₹1,783 cr | ₹1,904 cr |
| YoY | — | — | +29% | +17% | +7% | −3% | −3% | +4% | +8% | +14% | +22% | +26% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 26% | 25% | 26% | 26% | — | 8% | 26% | 26% | 25% | 24% | 25% | 25% |
| Net profit | ₹353 cr | ₹397 cr | ₹398 cr | ₹186 cr | −₹100 cr | ₹47.0 cr | ₹60.0 cr | ₹126 cr | ₹252 cr | ₹340 cr | ₹493 cr | ₹502 cr |
| YoY | — | — | +15% | −47% | −128% | −88% | −85% | −32% | — | +623% | +722% | +298% |
| EPS | ₹22.20 | ₹24.91 | ₹24.95 | ₹11.67 | −₹6.24 | ₹2.96 | ₹3.77 | ₹7.87 | ₹15.75 | ₹21.20 | ₹30.79 | ₹31.25 |
| Flags | · | · | 1 | 1 | 2 | 2 | 1 | 1 | ✓ | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
CreditAccess Grameen Ltd. reported total income of ₹1,407 cr (−3.4% on the year) and net profit of ₹47.0 cr (−88.2% on the year) for January to March 2025.
1 check raised a question: A lower tax rate lifted profit. Is the lower rate going to last?
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