Edelweiss Financial Services Limited · NSE:EDELWEISS
Edelweiss Financial Services — FY2025 Earnings Presentation
55 slides from Edelweiss Financial Services's earnings presentation, May 14, 2025
Slide 1: Cover letter to stock exchanges
EW/Sec/2025-26/44 May 14, 2025 BSE Limited National Stock Exchange of India Limited P J Towers, Exchange Plaza, Dalal Street, Fort, Bandra Kurla Complex, Bandra (E), Mumbai – 400 001. Mumbai – 400 051. Scrip Code: 532922 Symbol: EDELWEISS Dear Sir/Madam, Sub: Earnings Update Please find enclosed her
Slide 2: Earnings update – Quarter and Year ended Mar 25
Edelweiss Financial Services Limited Earnings update – Quarter and Year ended Mar 25
Slide 3: Contents
CONTENTS Overview 03 Strategic updates 06 Performance highlights 16 Business performance 30 Governance & corporate responsibility 47
Slide 4: Overview
Overview Year ended Mar 25 3
Slide 5: Edelweiss at a glance
Edelweiss at a glance INR 5,918 Cr INR 545 Cr Net Worth Ex-Insurance PAT INR 11,170 Cr INR 47 (FV ₹1) Net Debt BVPS 4
Slide 6: 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 7: Strategic Updates
Strategic Updates 1. 3 Year View: Strategic Growth & Thoughtful Reduction 2. ECLF Wholesale Book Markdown 3. EAAA IPO Update 6
Slide 8: 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 9: Robust growth in underlying businesses
1.a Robust growth in underlying businesses INR Cr Business Metrics FY22 FY25 CAGR ARR AUM 26,995 45,310 19% EAAA PAT 49 230 67% Equity AUM 25,700 62,500 34% Mutual Fund PAT 20 53 38% Cum. Recoveries 34,800 57,500 - Asset Reconstruction PAT 253 385 15% GWP 360 1,012 41% Zuno General Insurance AUM 457
Slide 10: Consol net debt reduced by ~INR 7,200 Cr in last 3 years
1.b Consol net debt reduced by ~INR 7,200 Cr in last 3 years INR Cr Consol Net Debt NBFC Net Debt 18,400 9,175 11,170 39% 69% 2,890 Mar 22 Mar 25 Mar 22 Mar 25 9
Slide 11: Wholesale book reduced by 76%
1.c Wholesale book reduced by 76% INR Cr ECLF wholesale loan assets 76% 10,370 7,200 4,150 2,500 Mar 22 Mar 23 Mar 24 Mar 25 Reduced by ~INR 8,000 Cr in last 3 years 10
Slide 12: Strategic markdown in ECLF wholesale book
2 Strategic markdown in ECLF wholesale book Executed a one-time strategic markdown of ~INR 1,140 Cr 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 13: 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 INR 1,040 Cr of debentures to equity in Sep 24 Reduced debt and enhanced leverage ratio Debt reduced by ~INR 1,200 Cr;
Slide 14: 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 15: What is the impact of the markdown?
2 What is the impact of the markdown? Wholesale book reduced by ~INR 1,140 Cr 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 ~INR 1,140 Cr – expected to be recouped over the next 3-4 years CAPAD in ECLF remains
Slide 16: 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 17: Performance Highlights
Performance Highlights Quarter and Year ended Mar 25 16
Slide 18: Performance highlights
Performance highlights 1 Consol PBT up by 83% YoY with healthy growth in key metrics Consol PBT at INR 802 Cr; Ex-Insurance PAT (post-MI) at INR 545 Cr EAAA ARR AUM at INR 45,310 Cr, PAT up by 31% YoY MF Equity AUM up 43% YoY to INR 62,500 Cr, PAT grew by 40% YoY Zuno GI losses down by 61% YoY; LI l
Slide 19: Healthy growth in profitability across most businesses
Healthy growth in profitability across most businesses PAT in INR Cr EAAA Mutual Fund Asset Reconstruction 230 385 53 355 175 38 FY24 FY25 FY24 FY25 FY24 FY25 31% YoY 40% YoY 8% YoY 18
Slide 20: Consol PBT grew by 83% YoY
Consol PBT grew by 83% YoY INR Cr Year Ended Particulars Mar 25 Mar 24 YoY Interest Income 2,114 2,358 (10%) Fee Income 1,036 1,115 (7%) Fair Value Income 2,238 2,283 (2%) Other income 493 293 68% Revenue 5,881 6,050 (3%) Finance Cost 2,529 2,780 (9%) Operating Expense 2,376 2,553 (7%) Consol Ex-Ins
Slide 21: Earnings distribution across businesses
Earnings distribution across businesses INR Cr Quarter Ended Year Ended PAT in Businesses Mar 25 Mar 24 Mar 25 Mar 24 EAAA 46 39 230 175 Mutual Fund 0 6 53 38 Asset Reconstruction 109 99 385 355 NBFC 12 45 55 150 Nido Home Finance 9 10 19 19 Zuno General Insurance (3) (29) (48) (123) Life Insurance
Slide 22: Steady growth in key business metrics (1/3)
Steady growth in key business metrices (1/3) EAAA The ARR AUM at INR 45,310 Cr, grew 6% YoY We deployed INR 9,410 Cr, up 43% YoY and AUM at INR 59,640 Cr, increased 9% YoY and realised INR 8,795 Cr, up 19% YoY Mutual Fund Robust growth in Equity AUM to INR 62,500 Cr, The SIP book grew to INR 395 Cr,
Slide 23: Steady growth in key business metrics (2/3)
Steady growth in key business metrices (2/3) NBFC Disbursals of INR 350 Cr retail loans in the Wholesale book reduced by 40% YoY to year, 78% of these were via CLM INR 2,500 Cr Nido Home Finance Disbursals of INR 1,703 Cr in the year, Partnership with State Bank of India up 29% YoY; 29% of these wer
Slide 24: 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 INR 1,012 Cr in FY25, one of the in the year fastest growing in the industry Life Insurance Ind. APE of INR 575 Cr in the year, up 12% YoY Losses declined by ~20% Y
Slide 25: 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 26: Our customer assets grew to INR 2.2 Tn
Our customer assets grew to INR 2.2 Tn INR Cr EAAA AUM Mutual Fund AUM 59,640 1,41,800 54,680 1,27,000 Mar 24 Mar 25 Mar 24 Mar 25 9% YoY 12% YoY 25
Slide 27: 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 28: Net debt reduced by INR 4,170 Cr YoY
Net debt reduced by INR 4,170 Cr YoY Net Debt (INR Cr) INR Cr 27% Business Mar 25 Mar 24 15,340 NBFC 2,890 4,126 Nido Home Finance 1,750 1,370 11,170 EAAA 364 445 Asset Reconstruction (159) 1,351 Corporate 6,325 8,048 Net Debt 11,170 15,340 Mar 24 Mar 25 27
Slide 29: Cash flow plan
Cash flow plan INR Cr Apr ‘25 to Mar ‘26 Opening Available Liquidity (A) 4,300 Inflows Expected Inflows 7,900 Fresh Borrowings 2,500 Total Inflows (B) 10,400 Outflows Repayments 6,300 Disbursements 4,600 Total Outflows (C) 10,900 Closing Available Liquidity (A+B-C) 3,800 28
Slide 30: Assets in each tenor range adequately cover liabilities
Assets in each tenor range adequately cover liabilities INR Cr Assets Liabilities Excess / (Gap) Up to 1 year 10,700 9,300 1,400 1-3 years 10,900 10,600 300 3 years+ 8,400 4,200 4,200 29
Slide 31: Business Performance
Business Performance Quarter and Year ended Mar 25 30
Slide 32: EAAA: Business performance snapshot
EAAA EAAA: Business performance snapshot Key Metrics for the quarter Business Update ARR AUM (INR Cr) 45,310 AUM grew by 9% YoY to INR 59,640 Cr Deployment grew by 43% YoY in the year Realisation grew by 19% YoY in the year AUM (INR Cr) 59,640 EAAA raised INR 6,615 Cr in the year The maiden Rental Y
Slide 33: EAAA: Financial performance snapshot
EAAA EAAA: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 59,640 54,680 59,640 54,680 ARR AUM 45,310 42,620 45,310 42,620 Equity 966 729 966 729 Gross Revenue 151 139 667 497 Opex 93 91 383 284 Profit After Tax 46 39 230 175 32
Slide 34: EAAA assets overview
EAAA EAAA assets overview AUM – Strategy wise AUM – Geography wise ARR AUM – Strategy wise 1% 7% 1% 23% 18% 34% INR 59,640 Cr INR 59,640 Cr 48% INR 45,310 Cr 51% 65% 52% North America India Private Credit Real Assets Others Private Credit Real Assets Others Europe Rest of the world 33
Slide 35: Mutual Fund: Business performance snapshot
Mutual Fund Mutual Fund: Business performance snapshot Key Metrics for the quarter Business Update Equity AUM (INR Cr) 62,500 Equity AUM at INR 62,500 Cr, up 43% YoY Net equity inflows of INR 3,000 Cr in the quarter, up 76% YoY and INR 13,000 Cr in the year, up 2.7x YoY AUM (INR Cr) 1,41,800 AUM gre
Slide 36: Mutual Fund: Financial performance snapshot
Mutual Fund Mutual Fund: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 1,41,800 1,27,000 1,41,800 1,27,000 Equity AUM 62,500 43,700 62,500 43,700 Equity 206 240 206 240 Revenue 58 78 248 255 Opex 58 72 183 217 Profit After Tax
Slide 37: Robust growth in AUM and customer base
Mutual Fund Robust growth in AUM and customer base MF Equity AUM (INR Cr) MF Debt AUM (INR Cr) 62,500 82,700 79,200 75,900 43,700 27,100 Mar 23 Mar 24 Mar 25 Mar 23 Mar 24 Mar 25 SIP Book (INR Cr) Active Folios (# in Lakhs) 395 26 234 16 12 150 Mar 23 Mar 24 Mar 25 Mar 23 Mar 24 Mar 25 Growing SIP b
Slide 38: Asset Reconstruction: Business performance snapshot
ARC Asset Reconstruction: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 3,535 The ARC recovered INR 5,730 Cr in the year, of which 14% was from retail portfolio Retail contributed to 100% of asset Fee Paying AUM (INR Cr) 12,163 acquisitions in Q4FY25 Share
Slide 39: Asset Reconstruction: Financial performance snapshot
ARC Asset Reconstruction: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Fee Paying AUM 12,163 18,034 12,163 18,034 Capital Employed 3,354 4,504 3,354 4,504 Wholesale assets 2,733 3,820 2,733 3,820 Retail assets 620 683 620 683 Equ
Slide 40: NBFC: Business performance snapshot
NBFC NBFC: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 2,115 Partnership with Central Bank of India, IDFC First Bank and Godrej Capital continues to deepen AUM (INR Cr) 3,576 Retail loans of INR 350 Cr disbursed in the year; 78% of these were under co-le
Slide 41: NBFC: Financial performance snapshot
NBFC NBFC: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 3,576 6,924 3,576 6,924 Gross Loan Book 1,298 2,058 1,298 2,058 Gross Revenue 229 385 756 1,382 Net Revenue 75 160 112 474 Opex 44 82 212 289 Credit Cost 16 16 (169) (18
Slide 42: Nido Home Finance: Business performance snapshot
Nido Nido Home Finance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) 828 Disbursals of INR 680 Cr in the quarter, up 24% YoY; 37% of these were via CLM 4,235 Disbursals of INR 1,703 Cr in the year, AUM (INR Cr) up 29% YoY; 29% of these were via CLM Partne
Slide 43: Nido Home Finance: Financial performance snapshot
Nido Nido Home Finance: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 AUM 4,235 3,955 4,235 3,955 Gross Loan Book 3,244 3,097 3,244 3,097 Gross Revenue 141 128 521 466 Net Revenue 61 52 200 165 Opex 45 37 170 136 Credit Cost 4 1 1
Slide 44: Zuno General Insurance: Business performance snapshot
Zuno Zuno General Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) One of the fastest growing players with gross 324 direct premium income (GDPI) growth of 19% YoY in the year Motor segment GDPI grew 42% YoY in the GWP (INR Cr) 258 year against the
Slide 45: Zuno General Insurance: Financial performance snapshot
Zuno Zuno General Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Gross Written Premium 258 255 1,012 851 Net Premium Income 147 119 582 404 Investment Income & 61 67 241 200 Other Income Total Income 208 186 823 604 Poli
Slide 46: Life Insurance: Business performance snapshot
Life Insurance Life Insurance: Business performance snapshot Key Metrics for the quarter Business Update Equity (INR Cr) Gross premium of INR 884 Cr in the quarter, 934 up 10% YoY Gross premium of INR 2,086 Cr in the year, Individual APE (INR Cr) 251 up 8% YoY Ind. APE of INR 575 Cr in the year, up
Slide 47: Life Insurance: Financial performance snapshot
Life Insurance Life Insurance: Financial performance snapshot INR Cr Quarter ended Quarter ended Year ended Year ended Mar 25 Mar 24 Mar 25 Mar 24 Gross Premium 884 805 2,086 1,926 Net Premium Income 873 795 2,047 1,888 Investment Income & 56 240 767 1,060 Other Income Total Income 929 1,036 2,814 2
Slide 48: Governance & Corporate Responsibility
Governance & Corporate Responsibility 47
Slide 49: 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 50: 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 51: 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 INR 1,428 Cr association with average Partnered with over 294 EdelGive’s NGO partners to mobilized through tenure of 3-years high caliber NGOs grow at
Slide 52: 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 INR 110.5 Cr Committed 2.2 Cr children impacted 2.59 lakh Individuals trained 2.70 lakh women supported (~INR 21 Cr cas
Slide 53: 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 54: 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 55: 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 and PBTs 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 s
Edelweiss Financial Services — FY2025 Earnings Presentation on 6ix