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Axis Securities Report
SBI Cards and Payment Services Ltd. reported a below expectations performance with spends and new customer acquisitions moderating.
Total spends stood at Rs 35,943 crore versus our expectation of Rs 36,500 crore.
Spends grew by 11% YoY and de-grew by 3.4% QoQ. Online spends improved to 51.9% in FY21 from 44.2% in FY20.
Spends across categories (except Category 1 – departmental stores, consumer durable and utilities) continue to remain impacted due to Covid-19.
Cards in force were at 1.18 crore cards, up 12% YoY and 5% QoQ (versus our expectations of 1.2 crore cards, up 14% YoY).
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