Findi (FND) H2 2024 earnings summary

Executive summary

• FY24 marked a transformational growth period, achieving record revenue, EBITDA, and NPAT, with strong share price appreciation and delivery of key strategic milestones.

• Positioned as one of India's largest non-bank ATM operators, processing over 1B transactions annually.

• Outperformed EBITDA guidance and maintained NPAT in line with expectations, driven by operational efficiencies and expansion.

Financial highlights

• FY24 revenue reached $66.5M (+22% YoY), EBITDA $27.4M (+63% YoY), and NPAT $4.0M (+65.6% YoY).

• Operating cash flows surged to $26.7M (+471.7% YoY), with free cash flow to equity of $22.2M.

• Cash reserves at $106.6M and net cash of $37.6M as of 31 March 2024, up $58.4M from prior year.

• EBITDA to free cash flow conversion at 51.9% in FY24.

Outlook and guidance

• New 10-year SBI contract expected to generate up to $620M revenue and $280M EBITDA over its term, commencing mid-FY25.

• WLA licence to redeploy ~3,912 ATMs, targeting incremental annual revenue of $25M+ and EBITDA of $7M+.

• Targeting 60,000 FindiPay merchants by FY25, more than doubling the current base.

• Anticipated Indian interchange rate increase in FY25 to positively impact earnings.