Capital Trust Ltd. — Interim / Quarterly Report 2025

Aug 13, 2024

Informal MSME Lending in Rural India

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Disclaimer

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Certain statements in this document that are not historical facts are forward looking statements. Such forwardlooking statements are subject to certain risks and uncertainties like government actions, local, political or economic developments, technological risks, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements.

Capital Trust Limited will not be in any way be responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

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CONTENTS

COMPANY OVERVIEW

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Capital Trust – MSME Financing with a Tech-Touch Balance

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Company Snapshot

• Publicly listed "Rural Doorstep-Fintech Company” focused on providing financial inclusion services to underserved India by merging fintech and traditional financing.

• Our digitized rural financing model offers micro business loans and caters to over 1,13,163 customers across 79 districts through 312 branches in 10 states in India .

Our Vision

To become the first fully digitalised and most trusted consumer service point in rural India that redefines the rules of MSME financing.

Our Mission

To encourage self-sufficiency and entrepreneurship in the underserved part of India by using ‘low-cost, high-tech’ digital finance processes.

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Numbers at a Glance

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ASSETS UNDER MANAGEMENT CAPITAL ADEQUACY
₹ 294 Cr 34 %
[YoY: +77%] [QoQ: +5%] [YoY: -28%] [QoQ: +17%]
ON-BOOK PORTFOLIO GROSS NPA & NET NPA
₹ 91 Cr 1.64 % & 0.69%
[YoY: +153%] [QoQ: +5%]
OFF-BOOK PORTFOLIO Q1 FY2025 REVENUE
₹ 203 Cr ₹ 25 Cr
[YoY: +56%] [QoQ: +6%] [YoY: +40%] [QoQ: +10%]
NET WORTH Q1 FY2025 PROFIT BEFORE TAX
₹ 85 Cr ₹ 1 Cr
[YoY: +14%] [QoQ: +11%] [YoY: +53%] [QoQ: +21%]
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Data as on Q1FY25

• Including Preferential Allotment done in Aug ‘24

Q1 FY2025 UPDATES

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Q1 FY2025: Vigilant, Steady Growth

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• Q1 FY2025 - ₹8.1 Cr Equity Infusion through Preferential Allotment

• Vigilant, Steady Growth - Proactive Rather Than Reactive Approach To Challenging Market Conditions

• Q4 FY2024 - Highest Quarterly Disbursement Since FY19

• Strength in Progress - Start of Operations in South India (Andhra Pradesh)

• Q3 FY2024 RBI Approval For Authentication Under Aadhaar Act Striding Forward… With Confidence & Momentum - Thriving Business Model of Providing Lending-As-A-Service

• • Increased On-Balance Sheet Lender Confidence

• Q2 FY2024 Continuation of the Turnaround Story - Great Place to Work Certification - Formalization of Informal MSME Sector by RBI

• Start of the Turnaround Story - Successful ₹ 77 Cr Bullet Repayment

• Q1 FY2024

Q1 FY2025: Vigilant, Steady Growth

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Proactive Rather Than Reactive Approach To Challenging Market Conditions

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01
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2024 General Elections

Over last two quarters, company has:

• Tightened credit bureau score criteria for borrowers and co-borrowers

• Imposed caps on the number of loans, monthly obligations, and overall outstanding balances for borrowers and co-borrowers

• Conducted client training workshops to re-iterate consequences in case of default

• Restricted new client acquisition in branches where 30+ DPD breaches a certain threshold

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02
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Punjab Mazdoor Mukti Morcha

Upon observing a consistent rise in delinquencies in Punjab's Equifax Pin-Code report, company has:

• Not onboarded any new client in any of the 26 branches in Punjab over the past three quarters

• Reduced AUM by 47% over the last three quarters, with ₹12 Cr remaining outstanding in the state as of Q1 FY2025

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Overheating in Bihar, Eastern UP

03

Even prior to advisory on July 7th concerning rising leverage in Bihar and Eastern UP, the company had already:

• Expanded into South India (Andhra Pradesh) and opened new branches in Odisha, Madhya Pradesh, and Rajasthan in Q4 FY24

• Restricted new client acquisition in certain districts where an increase in the number of rural financiers was observed

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04 Temporary Customer Migration
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In response to noticing a slight increase in customer migration, the company has:

• Mandated all clients to provide proof of residence ownership at the time of onboarding

• Enhanced the level of scrutiny during personal visits by the independent credit officer

These measures complement the company’s insights gained over the past few years, which have enabled a shift towards smaller ticket-sized, shorter-tenured, individual business loans, with digital collection as the first mode of repayment

Q1 FY2025: Vigilant, Steady Growth Financial Parameters:

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• Consistent quarterly revenue uptrend

• Sequential increase seen in PBT and PAT numbers through all quarters

Revenue (₹ in Crores)

Profit After Tax (₹ in Crores)

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24.7
22.5
19.6 19.8
17.7
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 40% QoQ: 10%
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0.7
0.6
0.6
0.5 0.5
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 52% QoQ: 22%
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Profit Before Tax (₹ in Crores)

Net Worth (₹ in Crores)

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1.0
0.8
0.7 0.7
0.6
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 53% QoQ: 21%
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85.4
75.0 75.5 76.1 76.7
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 14% QoQ: 11%
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Q1 FY2025: Vigilant, Steady Growth Operational Parameters:

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• Continuous growth in AUM

• Stability in 90 DPD %

Asset Under Management (₹ in Crores)

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294
280
223
202
166
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 77% QoQ: 5%
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Quarterly Disbursement (₹ in Crores)

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127
100
89 84
74
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 36% QoQ: -21%
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Clients (in #)

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1,13,163
1,06,604
87,723
77,695
70,214
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
YoY: 61% QoQ: 6%
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90 DPD %

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1.6%
1.4%
1.3%
1.0%
0.9%
Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25
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YoY Comparison (Q1 FY2025 vs Q1 FY2024)

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Assets Under Management (in Cr): Net Worth (in Cr.): Revenue (in Cr):
294.2 85.4 24.7
(77%) (14%) (40%)
166.2 75.0 17.7
Expenses (in Cr): Profit Before Tax (in Cr): Profit After Tax (in Cr):
23.8 1.0 0.7
(39%) (53%) (52%)
17.1 0.6 0.5
Capital Adequacy (in %): * Book Value / Share (in ₹): External Borrowings (in Cr):
47.1% 52.7 96.1
(-28%) (14%) (188%)
33.8% 46.3 33.3
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*** Including Preferential Allotment done in Aug ‘24**

QoQ Comparison (Q1 FY2025 vs Q4 FY2024)

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Assets Under Management (in Cr): Net Worth (in Cr.): Revenue (in Cr):
294.2 85.4 24.7
(5%) (11%) (10%)
279.6 76.7 22.5
Expenses (in Cr): Profit Before Tax (in Cr): Profit After Tax (in Cr)
23.8 1.0 0.7
(10%) (21%) (22%)
21.7 0.8 0.6
Capital Adequacy (in %): * Book Value / Share (in ₹): External Borrowings (in Cr):
33.8% 52.7 96.1
(17%) (11%) (18%)
29.0% 47.3 81.1
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*** Including Preferential Allotment done in Aug ‘24**

INDUSTRY OVERVIEW

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Need For Evolution In Rural Financing

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Unchanged processes since early 2010s that have not kept up with evolving client demands

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01 Untapped Market Above Microfinance Sector
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03
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Existing:

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• Limited companies focusing specifically on rural Informal MSMEs

Need For Evolution:

• 8% MFI clients annually graduate from the sector but are still seen as low-income individuals instead of business owners

• MFIs have limited focus on serving MSMEs as they serve different client segment

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02 Technology
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04

Existing:

• Limited technology usage with no reliance on business intelligence or data science

Need For Evolution:

• Paper based, manual processes that increase inefficiency leading to disbursement TAT of 5-7 days

• Minimal data utilization in credit assessment

Group Structure (Client Perspective)

Existing:

• Clients assessed on collective group strength rather than their business’ cash flows

Need For Evolution:

• Clients running businesses hesitant to provide group guarantee for 5-7 others

• Demand for digital payment options eliminating the need for frequent cash collection center meetings

Group Structure (Company Perspective)

Existing:

• High risk of joint liability group model with binary payment history (all or none of the members pay)

Need For Evolution:

• Joint liability structure breaking due to recurring external events every 4-5 years, causing increased repayment issues in group loans

• Increasing prevalence of pipeline sourcing and ring leaders

Spearheading The Evolution

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Untapped Market Above Microfinance Sector Finetuned product (small ticket size, short tenure, optimal EMI) and target sector over a decade of exclusively serving business loans to MSMEs Technology 82% of own book loans disbursed within 2 days of client onboarding. Historical data analyzed to create engines facilitating quick credit decisioning Group Structure (Client Perspective) Providing individual loans that assess repayment capacity of client’s business in isolation. ~60% collections done digitally eliminating need for frequent physical meetings Group Structure (Company Perspective) Mitigation of risk with reduced group exposure, evidenced by better portfolio quality during Covid and Punjab’s Mazdoor Mukti Morcha agitation

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Market Segment

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RBI recognizes Capital Trust’s target sector as the Informal Micro Enterprises Sector by placing it on par with the Formal MSME Sector, classifying it as Priority Sector Lending (RBI/2023-24/27: FIDD.MSME & NFS.BC.No.09/06.02.31/2023-24)

	CLASSIFICATION	DOCUMENTATION		TICKET SIZE	TICKET SIZE	TICKET SIZE	ANNUAL INCOME	ANNUAL INCOME	UNSECURED	SECURED
	Formal MSME Informal MSME	- Income Tax Return - GST Certificate - Shop & Establishment - PAN Card - Udyam Aadhaar - Aadhaar Card - Udyam Assist - Bank Account					> ₹ 10 Lakh		New Age Fintechs	Banks / Large SME Focused NBFCs
					> ₹ 10 Lakh			> ₹ 10 Lakh
							₹ 3Lac - 4 Lakh ₹ 4Lac - 10 Lakh		Geography Focused MSME NBFCs	Product Focused MSME NBFCs
					₹ 1 Lac - 10 Lakh			₹ 4Lac - 10 Lakh
				₹ 30,000 – 1 Lac
	Microfinance	- Aadhaar Card					< ₹ 3 Lakh		NBFC-MFIs
					₹ 20,000 – 60,000			< ₹ 3 Lakh

• Market Potential: With Microfinance market currently at ~₹4Lakh Crore, 8% of graduated clients amount to ₹32,000 Crore potential

OPERATING MODEL

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Rural Doorstep-Fintech Company Focused on MSME Lending

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1. LEAD GENERATION

Generate lead by door to door canvasing Geotagging of business and residential premise Mobile number verification through OTP Handholding of client through digital onboarding

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2. CREDIT UNDERWRITING

QR Code scan of Aadhaar Card Automated credit bureau check Physical Verification of business and residence premise Business and cash flow analysis Physical Visit Engine Credit Engine Telephonic Verification

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4. COLLECTION

Automated client allocation based on client geo-tagged residence Automated outbound dialling, installment reminder message Monthly NACH payment Payment enabled through company app Cash collection if digital payment not received

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3. DISBURSEMENT

E-Sign / Signing of Terms and Conditions E-NACH Penny-drop verification Disbursement into bank account

DIGITAL PROCESS PHYSICAL PROCESS

• Physical brick-and-mortar setup to ensure continuous client interaction

• Using fintech processes to increase efficiency and utilizing historical data for credit underwriting

Product Offering & Typical Clientele

Product Name	Capital Business Loan
Type of Loan	Unsecured income-generating business loan
Ticket Size (₹)	30,000 – 75,000
Tenure	12 – 24 months
ROI	32%+
Repayment	Digital (NACH, BBPS, UPI, Static QR) followed by physical cash collection
Product Optimisation	Small ticket size, short tenure, optimal EMI amount, short turn-around-time, digital collection enabled, cash collection setup

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Target Clientele

Graduated from 8% of the Microfinance clients graduate yearly Microfinance from the Microfinance sector and hit a wall

Replacing traditional informal sources of financing (local moneylenders) which currently account for 84% of all financing to MSMEs

New to Organized Credit Informal MSMEs Clients Needing Instant Credit

Unserved by MFIs (owing to RBI guidelines) and banks / large NBFCs (owing to no formal income documentation)

With 100% digital processes, company is able to disburse loans in a matter of days from onboarding

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CAPITAL TRUST 2.0

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Unique Selling Proposition

Portfolio Quality

• High quality, seasoned portfolio with 1.64% GNPA

• Current product continues to show strength with ₹986 Cr total disbursement with minimal credit cost (0.5% as a % of disbursement). Portfolio sourced prior to FY20 continues to reduce

Pioneers in Technological Advancements - First NBFC in rural India to have: i) 100% cashless disbursement (2015) ii) Staff-facing smartphone application to show real-time data for monitoring (2016) iii) Client-facing smartphone application (2018) iv) 100% digital collection as first mode of repayment (2019) v) 100% paperless processes from sourcing to disbursement (2019) vi) Credit & physical visit engines (2020)

Capital Trust 2.0

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Providing Lending-As-A-Service

• Inherent potential to disburse upwards of ₹ 80 Crore monthly through existing branch network

• 6 live Co-Lending & BC partnerships that help company leverage larger partner’s balance sheet while increasing its own ROE

Hybrid Dual-Credit

• Automated credit (credit bureau checks and preset algorithms) supplemented with traditional safeguards of branch banking (physical verification of residence, business premise and cash flow analysis)

• Reliance on data of ₹4,000+ Crore disbursed to 12 Lakh clients to reduce subjectivity of one individual credit officer

• No exception or deviation matrix

1. Portfolio Quality

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₹ 294 Cr

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300
15
250 21 99% 98% 99% 97% 97% 97% 96% 97% 97% 96% 96% 96%
23
200 34
60
150
100
127
50
0
Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24
BIH E UP ODS MP JHA RAJ PUN UP UKH CG AP DEL
Companywide Collection Efficiency
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Assets Under Management ₹ 294 Cr
GNPA ₹ 5 Cr
GNPA % 1.6 %
Provision Balance ₹ 3 Cr
NNPA % 0.7 %
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2. Pioneers in Technological Advancements

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2015 2016 2017 2018 2019 2019 2020 2021 2023 NOW
2012
Decision to go 100% Issuance of Geo-Tagged Decision to go 100% Incorporation of Credit Launch of payment
Cashless Disbursements Digital Receipts r ather Cashless Collection as Engine (automated decision possibility through Bharat
(First in rural industry) than physical passbook first mode of payment making with credit scoring Bill Payment System
signing (First in rural industry) of borrower) and Physical
(First in rural industry) Visit Engine Usage of Account
(automated income input Aggregators for enhanced
Launch of client-facing analysing client industry, credit
sales and margin)
Capital Connect RURAL
smartphone app DOORSTEP-FINTECH
Launch of Capital Sales Launch of AI Enabled Geo-
(First in rural industry) COMPANY
smartphone app with Start of 100% paperless processes : Tagged Client Route Mapping
real-time information at no physical signature required for increased operational
staff fingertips from sourcing to disbursement efficiency
(First in rural industry) (First in rural industry)
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PROACTIVE RATHER THAN REACTIVE:

Capital Trust is emerging as a Thought and Innovation leader capturing the changing rural landscape.

With our newly developed automated disbursement engine and algorithmic credit scorecard, our disbursements have increased consistently. Further, our average turnaround time has improved to less than 48 hours as on Q1 FY25

3. Hybrid Dual Credit

Instant in-principal approval by automated credit decisioning system with no manual intervention at client doorstep. Final approval subject to positive physical verification of cash flow and disposable income

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Automated Credit Bureau Check

QR Code Scanning of Aadhaar By Field Team

Link-up with Equifax to review past credit history. Hard rejection in case of

negative credit bureau history

Automatic uploading of client data into system. Location geotagged and case rejected if client residence is beyond 20kms from branch

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Disbursement

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Telephonic Verification by HO Credit Team

No exceptions or manual intervention permitted

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Algorithmic Credit

Verification of documents uploaded into system and re-assessment of cash flow of client during call

Rule Engine & Physical Visit Engine

Physical Verification Automatic rejection in case by Field Credit Team of any deviation from prescribed credit policies

Ground level authentication by physical verification of home, business and income. All details uploaded into app

• Decision communication flow and all processes are automated

• Technology used at all stages of loan cycle eliminating requirement of physical movement of documents

• All processes time stamped and tracking of cases available on live basis

4. Lending-As-A-Service

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Shift towards Off Balance Sheet partnerships for last 2 years in an aim to offer Lending-As-A-Service (LAAS) Co-Lending / BC Disbursements done with:

Co-Lending:

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Business Correspondent:

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	Total Disbursements (₹ in Cr)	POS (₹ in Cr)	30+ % (on POS)	90+ % (on POS)	30+ % (on Disbursement)	90+ % (on Disbursement)
Co-Lending + BC Partnerships	601	200	2.8%*	1.9%*	0.9%*	0.6%*

• With current portfolio performance, partners have started sharing risk

BC Partners not currently live:

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FINANCIALS

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Key Highlights & Ratios

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(₹ in Crores)

Particulars	Q1 FY25	Q1 FY24	YoY %	Q4 FY24	QoQ %
Total Income	24.7	17.7	40%	22.5	10%
Total Expense (excluding tax)	23.8	17.1	39%	21.7	10%
Profit / Loss Before Tax	1.0	0.6	53%	0.8	21%
Profit / Loss After Tax	0.7	0.5	52%	0.6	22%
Net Worth	85.4	75.0	14%	76.7	11%
	90.9	35.9	153%		5%
On-Book Portfolio				86.9
Off-Book Portfolio	203.4	130.2	56%	192.7	6%
Total Assets Under Management (AUM)	294.3	166.2	77%	279.6	5%
Cost Of Borrowing	16.1%	14.6%	10%	16.3%	-1%
Book Value Per Share (in₹)	52.7	46.3	14%	47.3	11%

Balance Sheet

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(₹ in Crores)

Assets	Q1 FY25	Q4 FY24	Q3 FY24
Financial Assets	36.2 10.5 4.7 87.1 0.6 17.3 156.4 4.7 48.3 1.5 0.0 0.2 1.0 55.7	12.2 12.5 3.4 83.0 0.6 12.7 124.3 4.1 48.5 1.4 0.0 0.2 0.9 55.1	18.5 8.1 4.1 66.2 0.6 12.8 110.2 7.8 48.8 1.3 0.0 0.2 0.4 58.4
Cash and Cash Equivalents
Bank Balances other than Cash & Cash Equivalents
Trade Receivables
Loan Portfolio
Investments
Other Financial Assets
Total Financial Assets
Non-Financial Assets
Current Tax Assets (Net)
Deferred Tax Assets (Net)
Property, Plant and Equipment
Right to use Asset
Intangible Assets
Other Non-Financial Assets
Total Non-Financial Assets
Total Assets	212.1	179.4	168.7

Liabilities And Equity	Q1 FY25	Q4 FY24	Q3 FY24
Financial Liabilities	0.5 6.7 96.0 0.0 0.0 0.0 16.3 119.5 0.0 1.5 5.6 7.1 16.2 8.0 61.2 85.4	0.8 9.2 70.9 0.0 0.0 0.0 15.5 96.4 0.0 1.5 4.8 6.3 16.2 0.0 60.5 76.7	0.4 5.4 70.5 0.0 0.0 0.0 12.7 88.9 0.0 1.4 2.3 3.7 16.2 0.0 59.9 76.1
Trade Payables
Debt Securities
Borrowings other than Debt Securities
Deposits
Subordinate Liabilities
Lease Liabilities
Other Financial Liabilities
Total Financial Liabilities
Non-Financial Liabilities
Current Tax Liabilities (Net)
Provisions
Other Non-Financial Liabilities
Total Non-Financial Liabilities
Equity
Equity Share Capital
Share Application Money
Other Equity
Total Shareholders Fund
Total Liabilities and Equity	212.1	179.4	168.7

KEY PARTNERSHIPS

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Funding & Partnerships

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Equity: 1
Co-Lending: 3
Business
Correspondent: 3
On-Balance Sheet
Funders: 17
BC Partners not currently live:
31
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THANK YOU

Vinod Raina Chief Financial Officer Vinod.raina@capitaltrust.in

Vahin Khosla Joint-Managing Director Vahin.khosla@capitaltrust.in