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Geojit Research Report
CreditAccess Grameen Ltd. is one of the leading microfinance non-banking financial companies in India with high focus on group lending and retail finance with majority of its operation in South India.
The growth of microfinance industry in India is a huge opportunity for NBFC micro finance institutions as 41% of households in the country do not avail any banking services.
We expect net interest income to grow at 33% compound annual growth rate over FY19- FY22E driven by acquisition of Madura Micro Finance Ltd.
Acquisition of Madura microfinance will strengthen the market leadership position of CreditAccess Grameen and diversify its geographic presence.
Although 100% customers took moratorium for three months, 75% to 80% have started repayments, as rural areas were less impacted by lockdown.
We expect profit after tax to grow to Rs 745 crore in FY22E at 32% CAGR over FY19 to FY22E.
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