Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — Q4 FY2025 Earnings Presentation
54 slides from Edelweiss Financial Services's earnings presentation, May 2025
Slide 1: Earnings update – Quarter and Year ended Mar 25
Edelweiss Financial Services Limited Earnings update – Quarter and Year ended Mar 25 US $ version
Slide 2: Contents
CONTENTS Overview 03 Strategic updates 06 Performance highlights 16 Business performance 30 Governance & corporate responsibility 47
Slide 3: Overview
Overview Year ended Mar 25 3
Slide 4: Edelweiss at a glance
Edelweiss at a glance $692 Mn $64 Mn Net Worth Ex-Insurance PAT $1,305 Mn $0.5 (FV $0.01) Net Debt BVPS 4
Slide 5: Diversified with seven high-quality businesses
Diversified with seven high-quality businesses Edelweiss Financial Services Ltd (EFSL) Asset Nido Home Zuno General Life EAAA Mutual Fund NBFC Reconstruction Finance Insurance Insurance EAAA India Edelweiss Life Alternatives ECL Finance Insurance Company Ltd (EAAA) Edelweiss Asset Edelweiss Asset Lt
Slide 6: Strategic Updates
Strategic Updates 1. 3 Year View: Strategic Growth & Thoughtful Reduction 2. ECLF Wholesale Book Markdown 3. EAAA IPO Update 6
Slide 7: Over the last 3 years, while we pivoted architecturally…
1 Over the last 3 years, while we pivoted architecturally… …we continued to be focused on: A Growth and value creation in underlying businesses B Reduction in net debt C Reduction in wholesale book 7
Slide 8: Robust growth in underlying businesses
1.a Robust growth in underlying businesses $ Mn Business Metrics FY22 FY25 CAGR ARR AUM 3,154 5,294 19% EAAA PAT 6 27 67% Equity AUM 3,003 7,303 34% Mutual Fund PAT 2 6 38% Cum. Recoveries 4,066 6,719 - Asset Reconstruction PAT 30 45 15% GWP 42 118 41% Zuno General Insurance AUM 53 161 44% Gross Pre
Slide 9: Consol net debt reduced by $845 Mn in last 3 years
1.b Consol net debt reduced by $845 Mn in last 3 years $ Mn Consol Net Debt NBFC Net Debt 1,072 2,150 1,305 39% 69% 338 Mar 22 Mar 25 Mar 22 Mar 25 9
Slide 10: Wholesale book reduced by 76%
1.c Wholesale book reduced by 76% $ Mn ECLF wholesale loan assets 76% 1,212 841 485 292 Mar 22 Mar 23 Mar 24 Mar 25 Reduced by $920 Mn in last 3 years 10
Slide 11: Strategic markdown in ECLF wholesale book
2 Strategic markdown in ECLF wholesale book Executed a one-time strategic markdown of ~$133 Mn in ECLF Security Receipts (SR) book No change in underlying cash flows Markdown is temporary – will add back to equity over 3-4 years 11
Slide 12: How ECLF created readiness to take the markdown
2 How ECLF created readiness to take the markdown ECLF strengthened its balance sheet over FY25 Capital Adequacy in ECLF increased from 40% to 50% during the year Conversion of $122 Mn of debentures to equity in Sep 24 Reduced debt and enhanced leverage ratio Debt reduced by ~$140 Mn; Leverage a
Slide 13: Why the markdown?
2 Why the markdown? A proactive measure to accelerate the pivot to SME lending Strategic pivot: To sharpen focus on asset-light SME lending 1 Mr. Ajay Khurana (ex-ED, BoB) appointed MD of ECLF to lead its SME pivot, bringing deep expertise in scaling lending, digital transformation, and risk manag
Slide 14: What is the impact of the markdown?
2 What is the impact of the markdown? Wholesale book reduced by ~$133 Mn Security Receipts marked at the lowest of: NPV SR Book Value net of ECL NAV IRAC ‘loan’ norms Reduction in net worth of ECLF by ~$133 Mn – expected to be recouped over the next 3-4 years CAPAD in ECLF remains at 32.6% e
Slide 15: EAAA IPO Update
3 EAAA IPO Update Regulatory Update The EAAA DRHP for IPO was filed on December 5, 2024 We have received this back from SEBI with some observations regarding certain reclassification between revenue lines This reclassification bears no impact on EAAA’s total revenue or profitability as disclos
Slide 16: Performance Highlights
Performance Highlights Quarter and Year ended Mar 25 16
Slide 17: Performance highlights
Performance highlights 1 Consol PBT up by 83% YoY with healthy growth in key metrics Consol PBT at $94 Mn; Ex-Insurance PAT (post-MI) at $64 Mn EAAA ARR AUM at $5,294 Mn, PAT up by 31% YoY MF Equity AUM up 43% YoY to $7,303 Mn, PAT grew by 40% YoY Zuno GI losses down by 61% YoY; LI losses declined b
Slide 18: Healthy growth in profitability across most businesses
Healthy growth in profitability across most businesses PAT in $ Mn EAAA Mutual Fund Asset Reconstruction 27 6 45 41 20 4 FY24 FY25 FY24 FY25 FY24 FY25 31% YoY 40% YoY 8% YoY 18
Slide 19: Consol PBT grew by 83% YoY
Consol PBT grew by 83% YoY $ Mn Year Ended Particulars Mar 25 Mar 24 YoY Interest Income 247 276 (10%) Fee Income 121 130 (7%) Fair Value Income 262 267 (2%) Other income 58 34 68% Revenue 687 707 (3%) Finance Cost 296 325 (9%) Operating Expense 278 298 (7%) Consol Ex-Insurance PBT 114 84 36% Insura
Slide 20: Earnings distribution across businesses
Earnings distribution across businesses $ Mn Quarter Ended Year Ended PAT in Businesses Mar 25 Mar 24 Mar 25 Mar 24 EAAA 5 5 27 20 Mutual Fund 0 1 6 4 Asset Reconstruction 13 12 45 41 NBFC 1 5 6 18 Nido Home Finance 1 1 2 2 Zuno General Insurance (0) (3) (6) (14) Life Insurance 3 (2) (15) (18) Corpo
Slide 21: Steady growth in key business metrics (1/3)
Steady growth in key business metrices (1/3) EAAA The ARR AUM at $5,294 Mn, grew 6% YoY We deployed $1,100 Mn, up 43% YoY and AUM at $6,969 Mn, increased 9% YoY and realised $1,028 Mn, up 19% YoY Mutual Fund Robust growth in Equity AUM to $7,303 Mn, up The SIP book grew to $46 Mn, up 69% YoY 43% YoY
Slide 22: Steady growth in key business metrics (2/3)
Steady growth in key business metrices (2/3) NBFC Disbursals of $41 Mn retail loans in the year, Wholesale book reduced by 40% YoY to 78% of these were via CLM $292 Mn Nido Home Finance Disbursals of $199 Mn in the year, Partnership with State Bank of India up 29% YoY; 29% of these were via CLM cont
Slide 23: Steady growth in key business metrics (3/3)
Steady growth in key business metrices (3/3) Zuno General Insurance Gross Written Premium grew by 19% YoY to Losses declined by 61% YoY $118 Mn in FY25, one of the in the year fastest growing in the industry Life Insurance Ind. APE of $67 Mn in the year, up 12% YoY Losses declined by ~20% YoY in the
Slide 24: We added ~3 Mn customers in the year
We added ~3 Mn customers in the year In Lakhs Customer Reach Mutual Fund Folios Zuno GI Customers 103 26 70 76 51 16 Mar 24 Mar 25 Mar 24 Mar 25 Mar 24 Mar 25 36% YoY 64% YoY 38% YoY 24
Slide 25: Our customer assets grew to $25 Bn
Our customer assets grew to $25 Bn $ Mn EAAA AUM Mutual Fund AUM 16,569 6,969 6,389 14,840 Mar 24 Mar 25 Mar 24 Mar 25 9% YoY 12% YoY 25
Slide 26: Robust balance sheet with well capitalised businesses
Robust balance sheet with well capitalised businesses Business Metric Value NBFC Capital Adequacy 32.9% Nido Home Finance Capital Adequacy 33.6% Asset Reconstruction Capital Adequacy 90.5% Zuno General Insurance Solvency Ratio 158% Life Insurance Solvency Ratio 181% 26
Slide 27: Net debt reduced by $487 Mn YoY
Net debt reduced by $487 Mn YoY Net Debt ($ Mn) $ Mn 1,792 27% Business Mar 25 Mar 24 NBFC 338 482 1,305 Nido Home Finance 204 160 EAAA 43 52 Asset Reconstruction (19) 158 Corporate 739 940 Net Debt 1,305 1,792 Mar 24 Mar 25 27
Slide 28: Cash flow plan
Cash flow plan $ Mn Apr ‘25 to Mar ‘26 Opening Available Liquidity (A) 502 Inflows Expected Inflows 923 Fresh Borrowings 292 Total Inflows (B) 1,215 Outflows Repayments 736 Disbursements 537 Total Outflows (C) 1,274 Closing Available Liquidity (A+B-C) 444 28
Slide 29: Assets in each tenor range adequately cover liabilities
Assets in each tenor range adequately cover liabilities $ Mn Assets Liabilities Excess / (Gap) Up to 1 year 1,250 1,087 164 1-3 years 1,274 1,239 35 3 years+ 982 491 491 29
Slide 30: Business Performance
Business Performance Quarter and Year ended Mar 25 30
Slide 31: EAAA: Business performance snapshot
EAAA EAAA: Business performance snapshot Key Metrics for the quarter Business Update ARR AUM ($ Mn) 5,294 AUM grew by 9% YoY to $6,969 Mn Deployment grew by 43% YoY in the year Realisation grew by 19% YoY in the year AUM ($ Mn) 6,969 EAAA raised $773 Mn in the year The maiden Rental Yield fund succe
Slide 32: EAAA: Financial performance snapshot
EAAA EAAA: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 6,969 6,389 6,969 6,389 ARR AUM 5,294 4,980 5,294 4,980 Equity 113 85 113 85 Gross Revenue 18 16 78 58 Opex 11 11 45 33 Profit After Tax 5 5 27 20 32
Slide 33: EAAA assets overview
EAAA EAAA assets overview AUM – Strategy wise AUM – Geography wise ARR AUM – Strategy wise 1% 7% 1% 23% 18% 34% $6,969 Mn $6,969 Mn 48% $5,294 Mn 51% 65% 52% North America India Private Credit Real Assets Others Private Credit Real Assets Others Europe Rest of the world 33
Slide 34: Mutual Fund: Business performance snapshot
Mutual Fund Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM ($ Mn) 7,303 Equity AUM at $7,303 Mn, up 43% YoY Net equity inflows of $351 Mn in the quarter, up 76% YoY and $1,519 Mn in the year, up 2.7x YoY AUM ($ Mn) 16,569 AUM grew by 12% YoY to $16,
Slide 35: Mutual Fund: Financial performance snapshot
Mutual Fund Mutual Fund: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 16,569 14,840 16,569 14,840 Equity AUM 7,303 5,106 7,303 5,106 Equity 24 28 24 28 Revenue 7 9 29 30 Opex 7 8 21 25 Profit After Tax 0 1 6 4 35
Slide 36: Robust growth in AUM and customer base
Mutual Fund Robust growth in AUM and customer base MF Equity AUM ($ Mn) MF Debt AUM ($ Mn) 7,303 9,663 9,254 8,869 5,106 3,167 Mar 23 Mar 24 Mar 25 Mar 23 Mar 24 Mar 25 SIP Book ($ Mn) Active Folios (# in Lakhs) 46 26 27 16 18 12 Mar 23 Mar 24 Mar 25 Mar 23 Mar 24 Mar 25 Growing SIP book adds to the
Slide 37: Asset Reconstruction: Business performance snapshot
ARC Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 413 The ARC recovered $670 Mn in the year, of which 14% was from retail portfolio Retail contributed to 100% of asset Fee Paying AUM ($ Mn) 1,421 acquisitions in Q4FY25 Share of retail a
Slide 38: Asset Reconstruction: Financial performance snapshot
ARC Asset Reconstruction: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Fee Paying AUM 1,421 2,107 1,421 2,107 Capital Employed 392 526 392 526 Wholesale assets 319 446 319 446 Retail assets 72 80 72 80 Equity 413 368 413 368 Revenu
Slide 39: NBFC: Business performance snapshot
NBFC NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 247 Partnership with Central Bank of India, IDFC First Bank and Godrej Capital continues to deepen AUM ($ Mn) 418 Retail loans of $41 Mn disbursed in the year; 78% of these were under co-lending model
Slide 40: NBFC: Financial performance snapshot
NBFC NBFC: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 418 809 418 809 Gross Loan Book 152 240 152 240 Gross Revenue 27 45 88 161 Net Revenue 9 19 13 55 Opex 5 10 25 34 Credit Cost 2 2 (20) (2) Profit After Tax 1 5 6 18 GNPA 2
Slide 41: Nido Home Finance: Business performance snapshot
Nido Nido Home Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) 97 Disbursals of $79 Mn in the quarter, up 24% YoY; 37% of these were via CLM 495 Disbursals of $199 Mn in the year, AUM ($ Mn) up 29% YoY; 29% of these were via CLM Partnership with State
Slide 42: Nido Home Finance: Financial performance snapshot
Nido Nido Home Finance: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 495 462 495 462 Gross Loan Book 379 362 379 362 Gross Revenue 16 15 61 54 Net Revenue 7 6 23 19 Opex 5 4 20 16 Credit Cost 0 0 1 0 Profit After Tax 1 1 2 2 GN
Slide 43: Zuno General Insurance: Business performance snapshot
Zuno Zuno General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) One of the fastest growing players with gross 38 direct premium income (GDPI) growth of 19% YoY in the year Motor segment GDPI grew 42% YoY in the GWP ($ Mn) 30 year against the indus
Slide 44: Zuno General Insurance: Financial performance snapshot
Zuno Zuno General Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Gross Written Premium 30 30 118 99 Net Premium Income 17 14 68 47 Investment Income & 7 8 28 23 Other Income Total Income 24 22 96 71 Policy benefits & 13 12
Slide 45: Life Insurance: Business performance snapshot
Life Insurance Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity ($ Mn) Gross premium of $103 Mn in the quarter, up 109 10% YoY Gross premium of $244 Mn in the year, up Individual APE ($ Mn) 29 8% YoY Ind. APE of $67 Mn in the year, up 12% YoY Policies
Slide 46: Life Insurance: Financial performance snapshot
Life Insurance Life Insurance: Financial performance snapshot $ Mn Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Gross Premium 103 94 244 225 Net Premium Income 102 93 239 221 Investment Income & 7 28 90 124 Other Income Total Income 109 121 329 344 Policy benefits &
Slide 47: Governance & Corporate Responsibility
Governance & Corporate Responsibility 47
Slide 48: 7 Member Board with 4 Independent Directors
7 Member Board with 4 Independent Directors Mr. Ashok Kini Independent Director Former Managing Director (National Banking Group) State Bank of India Served as an advisor to the Thorat Committee on Financial Inclusion at RBI 35 years of banking experience Dr. Ashima Goyal Independent Director Profes
Slide 49: Significant institutional ownership
Significant institutional ownership Shareholding Pattern as on Mar 31, 2025 Key Shareholders Percent 1 TIAA CREF Funds 7.2% Employee Trust 2.6% 2 CLSA Global Markets 5.7% 3 LIC 2.6% DIIs, Non Institutions 4 Vanguard Group 2.5% & Others 34.6% 32.7% Promoter Group Flowering Tree Investment 5 1.7% Mana
Slide 50: Our contribution to building a more sustainable tomorrow
Our contribution to building a more sustainable tomorrow Under the leadership of EdelGive Foundation, we have… Assisted over 60% of Ensured long term $167 Mn mobilized association with average Partnered with over 294 EdelGive’s NGO partners to through commitments tenure of 3-years high caliber NGOs
Slide 51: Our investment in communities
Our investment in communities EdelGive Foundation’s commitment to investing in communities 81 Districts across 13 States Sustainable Women Quality Education Livelihoods Empowerment $13 Mn Committed 2.2 Cr children impacted 2.59 lakh Individuals trained 2.70 lakh women supported (~$2.5 Mn cashflow fr
Slide 52: Trusted partner: EdelGive funding partners & networks
Trusted partner: EdelGive funding partners & networks Foundations, Corporates and HNIs partner with Edelgive Platform for their philanthropic allocation 52
Slide 53: Safe Harbour
Safe Harbour DISCLAIMER : This presentation and the discussion may contain certain words or phrases that are forward - looking statements, which are tentative, based on current expectations of the management of Edelweiss Financial Services Ltd. or any of its subsidiaries and associate companies (“Ed
Slide 54: Safe Harbour
Safe Harbour Slide 4: Net worth includes MI, Ex-Insurance PAT is post MI Slide 4,5,8,17,18,19,20,23: Ex-Insurance PAT is post-MI; Business PATs are pre-MI. EFSL equity stake in Life Insurance as on 31st Mar’25 is 79.53% Slide 4,9,17,27: Debt includes accrued interest and excludes CBLO and securitisa
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