Turtlemint Fintech Solutions (TURTLEMINT) Q4 22/23 earnings summary

Executive summary

• FY ended March 31, 2023 revenue from operations was Rs 4,199.17 million; net loss widened to Rs 2,881.83 million from Rs 1,677.52 million YoY.

• Rs 9,158.62 million of share proceeds supported liquidity and the Last Decimal business acquisition; operating activities used Rs 2,859.16 million of cash.

Financial highlights

• Revenue from operations rose to Rs 4,199.17 million from Rs 2,940.16 million; total income was Rs 4,601.13 million versus Rs 3,049.69 million.

• Total expenses were Rs 7,482.96 million versus Rs 4,727.21 million; employee benefits expense was Rs 1,969.70 million and other expenses Rs 5,368.72 million.

• Other income increased to Rs 401.96 million from Rs 109.53 million, including Rs 392.11 million interest income on bank deposits.

• Loss before tax and net loss were each Rs 2,881.83 million, versus Rs 1,677.52 million; total comprehensive loss was Rs 2,884.34 million versus Rs 1,681.01 million.

Segment performance

• Operations comprised one primary segment, covering technical support, information technology, advertising and marketing services; no separate geographical segment was identified.

• Revenue by service: marketing fees Rs 3,697.49 million, technical and business support Rs 477.23 million, and mutual fund distribution Rs 24.45 million.

• All revenue from customer contracts was recognised at a point in time; two customers each contributed over 10% of revenue, aggregating Rs 1,170 million.