Any current/future new fundraising through debt or equity?

The NBFC business currently has low leverage and a comfortable debt-to-equity ratio. With the existing equity of about Rs. 430 crores, the company can leverage up to 3.5x and increase AUM to approximately Rs. 2,000 crores. The company plans to raise equity for the NBFC within the next 1 to 2 years once the AUM reaches that level. There is no immediate plan to raise additional funds but an equity raise is anticipated to support future growth in NBFC. Finance costs have increased in line with growing interest income, reflecting expanded lending, but the company expects interest rates to stabiliz

Any current/future capex/capital investment/strategic investment?

The company is developing an in-house "Super App" combining trading, mutual fund investing, insurance buying, IPO applications, and research tools. A beta version is expected to launch in a few months. (Page 10) There is a strategic focus on expanding the NBFC business, particularly building up AUM to around Rs. 2,000 crores leveraging existing equity, with plans for equity raising in the next 1-2 years to support growth. (Page 5, 10-12) Technology enhancement is a continuous priority, including revamping onboarding platforms and upgrading trading technology (e.g., new mobile apps for Stoxka

Future growth expectations in sales/revenue/volumes?

Broking, distribution and trading segment: Revenue grew 25% YoY in Q3 and 17% for 9 months FY24, indicating strong growth momentum. Financial division (NBFC): Loan AUM increased 35% YoY to Rs. 1,064 crores with branch expansion and plans to increase AUM to Rs. 2,000 crores in 1-2 years through equity infusion. Insurance broking segment: Revenue grew 57% YoY in Q3 and 39% for 9 months FY24; business expected to grow significantly supported by government’s goal of full insurance penetration by 2047. Digital platform Stoxkart: Focus on quality client acquisition and technology upgrades; plans to

Future growth expectations in earnings/operating earnings/profits/EPS?

NBFC business is in expansion mode with new branches opened recently; as AUM builds up, ROE expected to rise from current ~10% (Himanshu Gupta). Operating income and EBITDA growing steadily: Q3 FY24 operating income at Rs. 428 crores (35% YoY growth), EBITDA at Rs. 113 crores (58% YoY growth) with 27% margin (Vinod Kumar Jamar). Profit after tax growing strongly: Rs. 52 crores in Q3 FY24 with 12% PAT margin; 9 months FY24 PAT exceeded full-year FY23 (Subhash Chand Aggarwal). Broking, trading, and financing segments showing notable revenue growth; insurance broking also growing with 57% YoY rev

SMC Global Securities LtdQ3 FY24

SMC Global Securities Ltd Q3 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹114P/E: 19.1Market Cap: ₹2.1K Cr

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Broking, distribution and trading segment: Revenue grew 25% YoY in Q3 and 17% for 9 months FY24, indicating strong growth momentum.
Financial division (NBFC): Loan AUM increased 35% YoY to Rs. 1,064 crores with branch expansion and plans to increase AUM to Rs. 2,000 crores in 1-2 years through equity infusion.
Insurance broking segment: Revenue grew 57% YoY in Q3 and 39% for 9 months FY24; business expected to grow significantly supported by government’s goal of full insurance penetration by 2047.
Digital platform Stoxkart: Focus on quality client acquisition and technology upgrades; plans to launch a unified super app to enhance client services and likely increase revenues.
Overall company revenue and PAT growth remain strong with operating income growing 35% YoY in Q3 and EBITDA margin improving, indicating positive volume and revenue growth outlook.

Margin guidance

Category 3

NBFC business is in expansion mode with new branches opened recently; as AUM builds up, ROE expected to rise from current ~10% (Himanshu Gupta).
Operating income and EBITDA growing steadily: Q3 FY24 operating income at Rs. 428 crores (35% YoY growth), EBITDA at Rs. 113 crores (58% YoY growth) with 27% margin (Vinod Kumar Jamar).
Profit after tax growing strongly: Rs. 52 crores in Q3 FY24 with 12% PAT margin; 9 months FY24 PAT exceeded full-year FY23 (Subhash Chand Aggarwal).
Broking, trading, and financing segments showing notable revenue growth; insurance broking also growing with 57% YoY revenue rise in Q3.
Digitization and product innovation (new apps, enhanced client services) expected to boost client acquisition and revenues (Ajay Garg, Pranay Aggarwal).
Equity raise planned for NBFC in 1-2 years to fund AUM growth up to Rs. 2,000 crores (Himanshu Gupta).

See what SMC Global Securities Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The NBFC business currently has low leverage and a comfortable debt-to-equity ratio.
With the existing equity of about Rs. 430 crores, the company can leverage up to 3.5x and increase AUM to approximately Rs. 2,000 crores.
The company plans to raise equity for the NBFC within the next 1 to 2 years once the AUM reaches that level.
There is no immediate plan to raise additional funds but an equity raise is anticipated to support future growth in NBFC.
Finance costs have increased in line with growing interest income, reflecting expanded lending, but the company expects interest rates to stabilize or decline going forward.

Order book

Yes

The document does not provide explicit details on the current or expected order book/pending orders of the company. However, related insights include: - The NBFC business focuses on SME lending, serving businesses that need capital to fulfill order books or expand operations. - Lending is primarily cash flow-based, supporting SMEs with working capital and secured loans. - Growth in the SME sector is strong, with continuing credit demand. - The company expects strong credit quality and growth potential in SME lending over the next 10-20 years. - No specific figures or quantitative data on current or pending orders are disclosed in the provided pages. Thus, while there's emphasis on serving order book financing needs in SMEs, exact current or expected orderbook numbers are not shared.

See what SMC Global Securities Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

The company is developing an in-house "Super App" combining trading, mutual fund investing, insurance buying, IPO applications, and research tools. A beta version is expected to launch in a few months. (Page 10)
There is a strategic focus on expanding the NBFC business, particularly building up AUM to around Rs. 2,000 crores leveraging existing equity, with plans for equity raising in the next 1-2 years to support growth. (Page 5, 10-12)
Technology enhancement is a continuous priority, including revamping onboarding platforms and upgrading trading technology (e.g., new mobile apps for Stoxkart). (Pages 8-10)
Opening of new branches, including expansion in the gold loan business with plans to expand beyond Delhi after stabilization. (Page 11)
Overall, capital investment focuses on digital platforms, technology upgrades, branch expansions, and NBFC growth.

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