Issue 26 MICROMETER Data as of 30 June 2018

Transcription

1 Issue 26 MICROMETER Data as of 30 June 2018

2 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without written permission from MFIN. However, data contained in this publication may be freely used for non - commercial purposes with acknowledgement.

3 Acknowledgments We are thankful to all our members, associates and other institutions who have contributed data for this issue.

4 Contents 5 Introduction 14 Notes 15 Highlights 16 Industry trends 19 Portfolio 23 Outreach 24 Disbursements 27 Debt Funding 28 Financials 29 Cost of Funds and pricing 30 Rating and Grading 31 Productivity Ratios Section I Analysis of data from Banks, SFBs, NBFC MFIs, NBFC and Non Profits Section II Analysis of data from 48 NBFC MFIs who are MFIN members Annexures 32 Grouping of NBFC-MFIs 33 Grouping of States 34 Panel across Quarters 37 Aggregated pan India data 40 Aggregated state level data 42 MFI level data 52 State wise list of MFIs 55 MFI level pricing data 57 Glossary 59 Abbreviations 60 Heat Maps

5 Introduction This is the 26 th issue of the Micrometer and it provides an overview of the microfinance industry as of 30 June Micrometer has two broad sections as under: Section I briefly gives an overview of the portfolio of the microfinance (i.e. micro-credit) industry as of 30 June This section includes data received from NBFC-MFIs (MFIN members) and other key lenders under the category of Banks, Small Finance Banks (SFBs), NBFCs, and Non-profit MFIs. It may be noted that portfolio under Business Correspondent (BC) partnerships is clubbed with Banks data and therefore removed from the MFIs (NBFC-MFIs aswell asnon-profit MFIs) portfolio. Section II of the micrometer provides detailed data and analysis on NBFC-MFIs (MFIN members) up to state level. This includes a comparative analysis with the corresponding quarter of previous fiscal year (Q1 FY 17-18) and previous quarter (Q4 FY 17-18). Analysis on NBFC-MFIs is based on data collected from 48 members who are registered with the Reserve Bank of India (RBI) as NBFC-MFIs. 5

6 Section I Microfinance Universe 6

7 Universe Portfolio outstanding This section gives an overall position of the microfinance industry based on data received from NBFC-MFIs (MFIN members) and other key lenders under the category of Banks, SFBs, NBFCs and Non-profit MFIs. On the basis of data reported by lending institutions as of 30 June 2018, microfinance industry has total loan portfolio (i.e. loan amount outstanding) of Rs 1,48,097 Cr. This represents a growth of 39% over Q1 FY As of 30 June 2018, Banks hold largest share of portfolio in micro-credit with total loan outstanding of Rs 58,026 Cr. This includes both direct lending as well as indirect lending through BC partnerships. Banks thus account for almost 39% of total micro-credit universe. NBFC-MFIs as a group remain the second largest provider of micro-credit with a loan amount outstanding of Rs 47,650 Cr (excluding BC portfolio channeled through NBFC-MFIs), accounting for 32% to total industry portfolio (i.e. loan amount outstanding). SFBs have a total loan amount outstanding of Rs 31,020 Cr with total share of 21%. NBFCs account for another 7% and Non-profit MFIs account for 1% of the universe. NBFC-MFIs:. The numbers presented here are for 48 MFIN member NBFC-MFIs only. This figure DOES NOT include BC portfolios of Banks channelled through reporting NBFC-MFIs. Q4 FY data has been used for Arohan, Muthoot Microfin, Navchetana and Spandana and Q2 FY data has been used for CreditAccess for analysis as Q1 FY data for them is not available. Banks: Data includes portfolio for direct & indirect lending (through BCs) by Banks, most of them private. Among private banks, data is contributed by 10 Banks - Axis, Bandhan, DCB, HDFC(Q3 data), ICICI, IDFC, IndusInd, Kotak Mahindra, RBL (Q data) and Yes bank. Data for Public Sector Banks includes BC portfolio channelled through SKDRDP and IDBI Bank. SFBs: ESAF, Equitas, FinCare, Janalakshmi, RGVN (NESFB), Suryoday, Ujjivan and Utkarsh have been grouped together as SFBs and their micro-credit portfolio is captured here. Q data has been used for Janalakshmi. NBFCs: 5 NBFCs namely ASA, Fullerton, L & T Finance, Reliance Commercial Finance and Sarvodaya Nano are grouped as NBFCs. Q3 data has been used for L&T and Sarvodaya Nano.Q4 data has been used for ASA and Fullerton. Non-profit MFIs: Includes portfolio for 2 largest non-profit MFIs - Cashpor and SKDRDP. BC portfolio channelled by Banks is excluded from their overall portfolio to factor for overlap. It may be noted that portfolio under BC partnership is aggregated under Banks portfolio and removed from other lenders to factor for double-counting. However, some over-lap can not be ruled out, especially on account of securitized portfolio. Further, portfolio estimated here, for most part is, un-secured lending under group model. Estimates does not include small/micro loans given to individuals by the Banks (including RRBs, Cooperative Banks etc.) and non-banks. 7

8 38,486 58,026 31,860 47,650 28,634 31,030 5,967 10, ,037 Universe Portfolio outstanding In the pie-chart, numbers represent loan amount outstanding in Rs Cr and share of each peer group in the universe as percentages. Compared with Q1 FY 17-18, Banks portfolio has grown by 51%, SFBs by 8%, NBFC-MFIs (excluding BC) by 50%, NBFCs by 74% and Non-profit MFIs by 13%. SFB, 31,030 Cr, 21% Micro-credit loan amount outstanding across lenders (30 June 2018) NBFC, 10,354 Cr, 7% Non Profit, 1,037 Cr, 1% Banks, 58,026 Cr, 39% NBFC MFI, 47,650 Cr, 32% Loan amount outstanding under micro-credit (Rs Cr) 74% 51% 50% 8% 13% Banks NBFC MFI SFB NBFC Non Profit 30-Jun Jun-18 Growth(YOY)) 8

9 Banks As of Q1 FY 18-19, Banks loan amount outstanding under micro-credit is Rs 58,026 Cr, growth of 39% over last financial year. 64% of Bank lending is direct while remaining 36% is indirect through BC partnerships Break-up of loan amount outstanding (30 June 2018) Indirect 36% Direct 64% Loan amount outstanding (Rs Cr) Average loan outstanding per account (Rs) 30-Jun-18 58, Jun-18 31, Jun-17 38, Jun-17 23,730 9

10 Small Finance Banks (SFBs) SFBs have 1.76 Cr loan accounts with a total loan amount outstanding of Rs 31,030 Cr under microcredit. Compared with Q1 FY 17-18, loan amount outstanding has increased by 8%. Loan amount outstanding and number of loan accounts (Rs Cr) 31,030 30,019 28, Jun Mar Jun-17 Loan accounts Loan amount outstanding Average loan outstanding per account for group of SFBs is Rs 17,631 which is a 7% increase over Q1 FY Average loan amount outstanding (Rs) 17,631 17,056 16, Jun Mar Jun-17 10

11 NBFCs Data from five NBFCs Reliance Commercial,Fullerton (Q ), L & T Finance (Q ), ASA India (Q ), and Sarvodaya Nano (Q data) is aggregated here. NBFCs have an aggregated portfolio of Rs 10,354 Cr. As of 30 June 2018, average loan amount outstanding per account for NBFCs is Rs 21,416 which is a 22% increase over last year. Loan amount outstanding (Rs Cr) Average loan outstanding per account (Rs) 30-Jun-18 10, Jun-18 21, Jun-17 5, Jun-17 17,503 11

12 Non - Profit MFIs Data from two largest no profit MFIs, SKDRDP and Cashpor is included, excluding their BC portfolio. These two entities have a loan amount outstanding of Rs 10,113 Cr however 90% of their lending is under BC partnership. On their own portfolio, Non profit MFIs have shown a growth of 13% from Rs 916 Cr tors 1,037 Cr. Break-up of loan amount outstanding (30 June 2018) Indirect 90% Direct 10% Loan amount outstanding (Rs Cr) Average loan outstanding per account (Rs) 30-Jun-18 1, Jun-18 18, Jun Jun-17 15,200 12

13 Section II NBFC-MFI Industry 13

14 Notes There are variations in panel of NBFC-MFIs used across various quarters considered for this publication. Please refer to Annex for details of the Annual/ Quarterly panels. Client numbers given here are not unique and do not factor for overlaps of clients between NBFC- MFIs The panel includes 48 NBFC MFIs grouped by their GLP at the end of corresponding quarter. As of 30 June 2018, there are 13 Small NBFC-MFIs with a GLP of < Rs 100 Cr, 16 are medium with a GLP of Rs Cr and 19 are large with a GLP of > Rs 500 Cr. Refer to Annex 1 for this grouping. Loan outstanding per account, loan disbursed per account and productivity ratios are based on weighted averages. Cost of funds is a simple average. Q4 FY data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana and Q2 FY data has been used for CreditAccess for analysis as Q1 FY data for them is not available. The most recent rating/grading reported by NBFC-MFIs has been taken for the analysis on rating and grading. Rating/grading scores from various rating agencies are being normalized for parity/comparison. Additionally, various sub-categories under each rating category has been folded into one category for analysis. For example, in case of rating, A+, A, A- are grouped as A. For information please refer to Due to rounding-off, percentages may not add up to 100%. 14

15 Highlights Some highlights of this quarter/ financial year are as under: As of 30 June 2018, 2.65 Cr clients* have loan outstanding from NBFC-MFIs, which is an increase of 31% over Q1 FY The aggregate gross loan portfolio (GLP) of MFIs is Rs 51,878 Cr as on 30 June This represents a YoY growth of 53% as compared to 30 June 2017 and 8% in comparison to 31 March Loan amount of Rs 17,836 Cr was disbursed in Q1 FY through 76 lakh accounts. (This includes Q4 data for 4 large MFIs and disbursements are usually high in Q4 as compared to Q1) Average loan amount disbursed per account during Q1 FY was Rs 23,510, an increase of 12% from Q1 FY During Q1 FY 18-19, NBFC-MFIs received a total of Rs 10,237 Cr in debt funding, which is an increase of 160% from Q1 FY Portfolio at Risk (PAR) > 30 as on 30 June 2018 is 3.2%. This does not include BFIL data. This is a significant improvement from 10.7% as on 30 June MFIs now cover 30 states/union territories. In terms of regional distribution of portfolio (GLP), East and North East accounts for 35% of the total NBFC MFI portfolio, South 26%, North 15%, West 14% and Central contributes 10%. Indicator Q 1 FY Q1 FY YoY change (%) Q4 FY Jun Jun-17 (Q1 FY over Q1 FY 17-18) 31-Mar-18 Branches 10,727 8,190 31% 10,102 Employees 87,880 67,764 30% 82,333 ~ (Cr) % 2.53 Loan accounts (Cr) % 2.85 Gross Loan Portfolio (Rs Cr) Loans disbursed (during the quarter, Cr) Loan amount disbursed (during the quarter, Rs Cr) 51,878 33,950 53% 48, % ,836 11,701 52% 18,928 *The clients number here is the aggregate of clients of member MFIs. Given some degree of overlaps, it does not reflect the number of unique clients 15

16 27,194 30,357 28,987 31,240 33,943 37,776 42,166 48,094 51,878 Industry trends Q1 FY to Q1 FY Outreach trend Jun'16 30 Sep'16 31 Dec'16 31 Mar'17 30 Jun'17 30 Sep'17 31 Dec'17 31 Mar'18 30 Jun'18 GLP (Rs Cr) No of clients (Cr) Disbursement trend 18,891 17,836 13,666 14,875 11,593 11,618 9,661 9,825 7, Jun'16 30 Sep'16 31 Dec'16 31 Mar'17 30 Jun'17 30 Sep'17 31 Dec'17 31 Mar'18 30 Jun'18 No of loans Disbursed (in lakhs) Loan Amount Disbursed (Rs Cr) 16

17 Industry trends Q1 FY to Q1 FY % PAR trend 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 30 Jun'16 30 Sep'16 31 Dec'16 31 Mar'17 30 Jun'17 30 Sep'17 31 Dec'17 31 Mar'18 30 Jun'18 PAR >30 PAR >90 PAR >180 Funding trend 10,366 7,909 8,572 9,664 9,745 10,237 5,756 6,528 7,018 6,845 7,023 7,253 6,878 4,528 5,938 4,605 3,985 3,932 Q Q Q Q Q Q Q Q Q Total Equity (Rs Cr) Total debt (Rs Cr) 17

18 NBFC-MFI industry As of 30 June 2018, amongst 48 MFIN member NBFC-MFIs, 13 are small (GLP < Rs 100 Cr), 16 medium (GLP between Rs Cr) and 19 large (GLP > Rs 500 Cr). Distribution of MFIs as per size (30 June 2018) During last financial year 4 MFIs have moved from medium category to large category, 1 MFI has moved from small category to large, 3 MFIs have moved from Medium to large category and 1 MFI has moved from medium to small category. Market share within the NBFC-MFI industry is clearly concentrated in the group of large MFIs, which account for 91% of the industry GLP, 89% of the client base, 91% of loan amount disbursed and 94% of debt funding. Large, 19 Small GLP < Rs 100 Cr Large GLP > Rs 500 Cr Small, 13 Medium, 16 Medium GLP < Rs Cr Share of various peer group MFIs in industry 3% 2% 2% 2% 1% 1% 1% 5% 8% 7% 11% 11% 10% 9% 86% 86% 88% 89% 91% 91% 94% Branches Employees Loan officers GLP Loan amount disbursed Funding Large Medium Small 18

19 28,961 38,803 42,652 Portfolio As on 30 June 2018, aggregated gross loan portfolio (GLP) of NBFC-MFIs stood at Rs 51,878 Cr, growth of 53% in comparison to 30 June 2017 and 8% over the quarter ending 31 March Off-balance sheet portfolio is Rs 9,226 Cr, which is 18% of the aggregated GLP. Within the off-balance sheet portfolio, portfolio created under Business Correspondent (BC) partnership has highest share at 46% amounting to Rs 4,228 Cr. As on 30 June 2018, Top 10 MFIs accounted for 75% of the industry portfolio. Loan portfolio (Rs Cr) 51,878 48,211 9,226 9,409 33,950 4, Jun Mar Jun-18 Balance sheet Off-balance sheet Gross Off-balance sheet portfolio (Rs Cr) Top 10 MFIs, GLP (Rs Cr) BFIL 13,832 44% Satin 5,400 49% 3,203 4,228 CreditAccess Grameen Spandana Muthoot Microfin 3,937 3,166 2,920 5% 80% 34% 3,081 2,326 Asirvad 2,438 33% Arohan 2,171 93% 3,125 2, Mar Jun-18 Created as BC Assigned/bilateral agreement Securitized(created through SPV) Annapurna Fusion Madura 2,035 1,761 1, Jun Mar Jun-17 53% 94% 66% Change (YoY) Q data for CreditAccess and Q data for Spandana, Arohan and Muthoot Microfin has been used for the analysis. 19

20 2.2% 2.0% 0.0% 3.2% 4.4% 2.6% 3.6% 6.7% 2.1% 2.8% 2.7% 10.7% Portfolio - Breakup and PAR PAR >30 has reduced considerably since 30 June 2017 and is at 3.2% on 30 June In terms of geographic spread, 66% of the portfolio is rural and 34% is urban. Portfolio at Risk (%) In terms of purpose, agriculture loans account for 54% of the GLP. Non-agriculture (trade/services and manufacturing) loans account for 42% and household finance loans account for 4% of the GLP. PAR >30 PAR >60 PAR >90 PAR > Jun Mar Jun-17 All India level PAR figures do not include data from BFIL Breakup of GLP- Geography (30 June 2018) Break-up of GLP - purpose (30 June 2018) Household finance, 4% Urban, 34% Rural, 66% Nonagriculture, 42% Agricult ure/allie d, 54% Lending Purpose Share of total GLP Agriculture and Allied Activities (total) 54% Non-agriculture (total) 42% Trade and services 35% Manufacturing / production 7% Household Finance (total) 4% Education 2% Medical <1% Housing / home improvement 1% Other household finance 1% 20

21 Portfolio In terms of regional distribution of portfolio (GLP), East and North East accounts for 35% of the total NBFC MFI portfolio, South 26%, North 15%, West 14% and Central contributes 10%. Five top states in terms of loan amount outstanding viz. Karnataka, Odisha, Bihar, Uttar Pradesh and Tamil Nadu, account for 53% of GLP and top 10 states account for 85% of the total industry loan amount outstanding. Regional distribution of GLP (30 June 2018) West 14% North 15% Central 10% South 26% East and North East 35% Portfolio at Risk for top 15 states in terms of GLP (30 June 2018) Top 10 states in terms of GLP (Rs Cr) States PAR >30 PAR >90 PAR >180 KA 3.41% 3.03% 2.57% KA 4,899 6,259 28% OR 0.49% 0.36% 0.25% BH 0.57% 0.41% 0.28% UP 6.34% 4.90% 3.54% OR BH 3,453 3,237 5,849 5,457 69% 69% TN 1.36% 0.94% 0.66% MH 8.37% 7.70% 6.99% UP 3,480 5,002 44% WB 0.98% 0.77% 0.55% MP 5.22% 4.20% 3.15% KL 2.62% 1.72% 1.00% TN MH 3,375 3,379 4,917 4,743 46% 40% RJ 1.85% 1.43% 1.01% JH 2.37% 2.07% 1.68% WB 2,321 3,937 70% PB 2.99% 2.38% 1.75% AS 0.67% 0.53% 0.39% CG 0.88% 0.69% 0.52% MP KL 3,885 2,684 2,237 1,680 45% 33% HR 6.06% 5.01% 3.83% RJ 774 1, % *State level PAR does not include data from BFIL 30-Jun Jun-17 YoY growth 21

22 Portfolio Growth rates for states and Top 3 MFIs (under each peer group) is shown here. State wise GLP growth rate (Q1 FY over Q1 FY 17-18) TR AS AR RJ GO PB MZ JH GJ WB OR BH HR CH HP TN MP UP JK MH KL CG KA DL PY AP UK -10% ML 203% 152% 129% 120% 101% 94% 79% 71% 70% 69% 69% 66% 58% 57% 46% 45% 44% 41% 40% 33% 30% 28% 24% 22% 21% 11% 500% Top MFIs (in each peer group) with highest growth rates (% change Q1 FY over Q1 FY 17-18) Janakalyan Nightingale Unnati Midland Namra Pahal Samasta Svatantra VFS 72% 54% 125% 108% 96% 143% 201% 235% 290% Small Medium Large 22

23 Employees/Loan officers/branches, thousands Outreach As on 30 June 2018, NBFC-MFIs on aggregated basis have a network of 10,727 branches and employee base of 87,880 staff, of which 63% are loan officers (55,131) who provide door-step credit to low-income clients served by the NBFC-MFIs. There has been growth of 7% in employees, 5% in loan officers and 6% branches compared with last quarter. On YoY basis, there has been an increase of 31% in branches, 30% in employees and 31% loans officers. As on June 2018, MFIs have reported 2.65 Cr clients with 2.96 Cr loan accounts. It may be noted that client number given here is not unique and does not factor for overlaps. Compared with Q1 FY 17-18, there has been YoY growth of 30% in clients and 26% in loan accounts. Average loan outstanding per account is Rs 17,511 representing a growth of 21% over Q1 FY Outreach Number of MFIs (30 June 2018) Avg loan o/s and disbursements per accounts (Rs) 21,026 14, ,295 23,510 16,924 17,511 Q1 FY Q4 FY Q1 FY Avg loan amount o/s per account Jun Mar Jun-18 Employees Branches Loan accounts Loan officers Avg loan amount disbursed per account MH BH CG OR MP UP RJ GJ JH WB HR UK TN KA AS PB KL DL TR HP GO PY ML TL MZ SK CH AP AR JK

24 11,701 18,928 17,836 Disbursements During Q1 of FY 18-19, MFIs disbursed 76 Lakh loans worth Rs 17,836 Cr. Compared with Q1 of previous financial year (Q1 FY 17-18), there has been a YoY increase of 36% in number of loans disbursed and 52% in loan amount disbursed. Top 10 MFIs in terms of loan amount disbursed accounted for 79% of industry disbursements in Q1 FY Top 10 states in terms of loan amount disbursed (Rs Cr) KA 2,219 2,026 10% OR BH WB 2,138 1,345 2,008 1,207 1, % 66% 76% Disbursement in Q1 FY (Rs Cr) MH 1,542 1,054 46% 56 TN 939 1,452 55% UP 899 1,403 56% MP KL 1, % 55% Q1 FY Q4 FY Q1 FY Loan amount disbursed (In Rs Cr) Number of loans disbursed (In Lakhs) RJ % YoY Q1 FY Q1 FY growth 24

25 Disbursements Top 5 states contributed 53% and top 10 states contribute 84% of total disbursement of Q1 FY Top 10 states in terms of loan amount disbursed (Rs Cr) State wise distribution of loan amount disbursed (during Q1 FY 18-19) KA OR 1,345 2,219 2,026 2,138 28% 69% OR 13% WB 11% MH 10% TN 10% BH WB 2,008 1,207 1, % 44% KA 15% BH 15% RJ 5% KL 5% MP 7% UP 9% MH TN 1,542 1,054 1, % 40% UP 899 1,403 70% MP 1, % KL % RJ % Q1 FY Q1 FY

26 Cash less disbursements NBFC-MFIs are progressively moving towards to cash-less disbursements. Based on Q1 FY data available for 42 NBFC MFIs (MFIN member), loan amount disbursed through cash-less mode was 87%. In Q1 FY a total Rs 11,404 Cr was disbursed in cash-less, which translates into cash-less disbursements in over 42 Lakh loan accounts. Cashless Disbursement 55% 61% 73% 87% Q2 FY Q3 FY Q4 FY Q1 FY Of 42 member NBFC-MFIs, 28 NBFC-MFIs have reported more than 90% cash-less disbursements. It is noteworthy that 25 NBFC-MFIs have also reported 100% cash-less disbursements. Cash - less disbursement across NBFC - MFIs <10%, 1 MFI 10%-50%, 7 MFI 50%-90%, 6 MFI >90%, 28 MFI 26

27 5% 8% 8% 21% 25% 30% 55% 60% 61% 63% 73% 78% 27% 45% 40% 92% 92% 95% 70% 79% 75% 22% 39% 37% Debt funding During Q1 FY 18-19, NBFC-MFIs received a total of Rs 10,237 Cr in debt funding (from Banks and other Financial Institutions). This represents a growth of 160% compared to Q1 FY As evident from the graph below main source of debt fund for Small and Medium MFIs are Other FIs (95% and 75% respectively) while the Large MFIs have been able to source a significant proportion of their funding from Banks (63%). 805 Debt funding and Securitization (Q1 FY 18-19, Rs Cr) 3,825 2,575 3,932 9,745 10,237 Q1 FY Q4 FY Q1 FY Debt funding Securitization Break-up of debt funding Q1 FY Q4 FY Q1 FY Q1 FY Q4 FY Q1 FY Q1 FY Q4 FY Q1 FY Q1 FY Q4 FY All Small Medium Large Q1 FY Banks Other FIs 27

28 37,741 49,698 53,181 Financials As on June 2018, NBFC-MFIs have total asset base of Rs 53,181 Cr. Outstanding borrowings are Rs 39,241 Cr. YoY growth of borrowings is 70% and of total asset is 41%. Total equity of the industry stands at Rs 10,366 Cr which is 24% of the total owned portfolio. At an aggregated industry level, domestic equity is 52% of total equity. Breakup of equity (30 June 2018) Equity position (Rs. Cr) and Leverage Domesti c 52% Foreign 48% 3.3 4,865 6,718 7,349 2,158 2,946 3, Jun Mar Jun-18 Foreign (%) Domestic (%) Share capital Debt:Equity Reserve and surplus Total assets and outstanding borrowings (Rs Cr) Qualifying assets (30 June 2018) 35,682 39, % 92.0% 23, % 30-Jun Mar Jun-18 Total assets Outstanding borrowings Large Medium Small 28

29 14.4% 15.0% 15.0% 14.8% 12.6% 12.3% 13.9% 14.5% Cost of funds and pricing At an industry level average and median cost of funds for Q1 FY is 14.5%. Overall spread of cost of funds ranges from 8% - 17%. For, Large MFIs, the range is between 9.8% %. Medium MFIs, range is between 14.5% to 15.7%. Small MFIs, range is between 8% to 16.8%. Average cost of funds (as calculated for margin calculation) and average interest rate charged (Q1 FY 18-19) to borrowers 23% 25% 25% 24% Small Medium Large All Average COF Median COF Average Interest rate charged *Average interest rate charged is on majority portfolio 29

30 Rating Rating of MFIs is shown in the chart at aggregated level as well as amongst various peer group. Rating (30 June 2018) Large Medium Small A (adequate safety) BBB (moderate safety) BB (moderate risk) Not rated/data unavailable 30

31 ,479 2,509 2,471 1,501 1,401 1,382 1,772 2,108 2,027 2,658 2,597 2, Productivity ratios On an average a loan officer caters to 485 clients with a portfolio of Rs 1.0 Cr. Similarly, on an average a branch caters to 2,568 clients with a portfolio of Rs 5.1 Cr. Average GLP per loan officer (Rs Cr) Average GLP per branch (Rs Cr) All Small Medium Large Q1 FY Q4 FY Q1 FY All Small Medium Large Q1 FY Q4 FY Q1 FY Average clients per loan officer Average clients per branch All Small Medium Large Q1 FY Q4 FY Q1 FY All Small Medium Large Q1 FY Q4 FY Q1 FY

32 Annexure 1: Grouping of NBFC-MFIs Small GLP < Rs 100 Cr Medium GLP Rs Cr Large GLP > Rs 500 Cr n=13 n=16 n=19 Adi Chitragupta Adhikar Annapurna Agora Centrum Arohan Aviral Chaitanya Asirvad Hindusthan Growing Opportunity Belstar Inditrade Jagaran BFIL Janakalyan Light CreditAccess Grameen MSM M Power Fino Finance NEED Margdarshak Fusion Nightingale Midland Madura Shikhar Namra Muthoot Microfin Unacco Navachetana Samasta Unnati Pahal Satin Varam Saija Share Sambandh Satya Svasti Sonata Spandana Svatantra SVCL Vaya VFS 32

33 Annexure 2: Grouping of states East and North East Central West North South Assam Chhattisgarh Goa Chandigarh Andhra Pradesh Jharkhand Madhya Pradesh Gujarat Delhi Karnataka Bihar Maharashtra Haryana Kerala Meghalaya Rajasthan Himachal Pradesh Mizoram Jammu & Kashmir Puducherry Tamil Nadu Odisha Punjab Telangana Nagaland Uttar Pradesh Sikkim Uttarakhand Tripura West Bengal 33

34 Annexure 3: Panel of NBFC-MFIs Sl no Q1 FY Q4 FY Q1 FY n=48 n=48 n=41 1 Adhikar Adhikar Adhikar 2 Adi Chitragupta Adi Chitragupta 3 Agora Agora Agora 4 Annapurna Annapurna Annapurna 5 Arohan Arohan Arohan 6 Asirvad Asirvad Asirvad 7 Aviral Aviral 8 Belstar Belstar Belstar 9 BFIL BFIL BFIL 10 Centrum Centrum 11 Chaitanya Chaitanya Chaitanya 12 CreditAccess Grameen CreditAccess Grameen CreditAccess Grameen 13 Fino Finance Fino Finance Fino Finance 14 Fusion Fusion Fusion 15 Growing Opportunity Growing Opportunity Growing Opportunity 16 Hindusthan Hindusthan Hindusthan 17 Inditrade Inditrade 18 Jagaran Jagaran Jagaran 19 Janakalyan Janakalyan Janakalyan 20 Light Light Light 21 M Power M Power M Power 22 Madura Madura Madura 34

35 Annexure 3: Panel of NBFC-MFIs Sl no Q1 FY Q4 FY Q1 FY n = 48 n= 48 n = Margdarshak Margdarshak Margdarshak 24 Midland Midland Midland 25 MSM MSM MSM 26 Muthoot Microfin Muthoot Microfin Muthoot Microfin 27 Namra Namra Namra 28 Navachetana Navachetana Navachetana 29 NEED NEED 30 Nightingale Nightingale Nightingale 31 Pahal Pahal Pahal 32 Saija Saija Saija 33 Samasta Samasta Samasta 34 Sambandh Sambandh Sambandh 35 Satin Satin Satin 36 Satya Satya 37 Share Share Share 38 Shikhar Shikhar Shikhar 39 Sonata Sonata Sonata 40 Spandana Spandana Spandana 41 Svasti Svasti Svasti 42 Svatantra Svatantra Svatantra 43 SVCL SVCL SVCL 44 Unacco Unacco Unacco 35

36 Annexure 3: Panel of NBFC-MFIs Sl no Q1 FY Q4 FY Q1 FY n=48 n=48 n=41 45 Unnati Unnati Unnati 46 Varam Varam Varam 47 Vaya Vaya 48 VFS VFS VFS 36

37 Annexure 4: Aggregated pan India data All Small Medium Large All Small Medium Large Branches Loan accounts (Lakhs) 30-Jun-17 8, ,427 6, Mar-18 10, ,097 8, Jun-18 10, ,227 9, % change in Q1 FY over Q1 FY (YoY) 31% 84% -14% 39% 27% 69% -3% 30% % change in Q1 FY over Q4 FY % 8% 12% 5% 4% 6% 7% 4% Employees Loan Officers 30-Jun-17 67,764 1,086 11,061 55,617 42, ,257 35, Mar-18 82,333 1,877 9,040 71,416 52,728 1,019 5,256 46, Jun-18 87,880 2,018 9,914 75,948 55,131 1,188 5,347 48,596 % change in Q1 FY over Q1 FY (YoY) 30% 86% -10% 37% 31% 124% -15% 38% % change in Q1 FY over Q4 FY % 8% 10% 6% 5% 17% 2% 5% Gross Loan Portfolio (Rs Cr) Off balance sheet Portfolio (Rs Cr) 30-Jun-17 33, ,594 30,004 4, , Mar-18 48, ,762 43,785 9, , Jun-18 51, ,073 47,116 9, ,642 % change in Q1 FY over Q1 FY (YoY) 53% 96% 13% 57% 85% 82% -22% 100% % change in Q1 FY over Q4 FY % 4% 8% 8% -2% 30% -5% -2% 37

38 Annexure 4: Aggregated pan India data All Small Medium Large All Small Medium Large Number of loans disbursed ( Lakhs) Loan amount disbursed (Rs Cr) Q1 FY , ,024 10,551 Q4 FY , ,656 16,990 Q1 FY , ,331 16,300 % change in Q1 FY over Q1 FY (YoY) 36% 52% 26% 37% 52% 63% 30% 54% % change in Q1 FY over Q4 FY % -28% -23% -4.8% -6% -27% -20% -4% Avg loan o/s per account (Rs) Avg loan disbursed per account (Rs) 30-Jun-17 14,508 13,413 13,710 14,624 21,026 23,607 24,290 20, Mar-18 16,924 15,806 15,832 17,043 23,295 25,213 24,007 23, Jun-18 17,511 15,512 15,968 17,692 23,510 25,353 25,081 23,370 % change in Q1 FY over Q1 FY (YoY) 21% 16% 16% 21% 12% 7% 3% 13% % change in Q1 FY over Q4 FY % -2% 1% 4% 1% 1% 4% 1% Total Assets (Rs Cr) Outstanding Borrowings (Rs Cr) 30-Jun-17 37, ,881 33,499 23, ,010 19, Mar-18 49, ,214 44,756 35, ,402 31, Jun-18 53, ,448 48,014 39, ,591 35,086 % change in Q1 FY over Q1 FY (YoY) 41% 99% 15% 43% 70% 85% 19% 77% % change in Q1 FY over Q4 FY % -1% 6% 7% 10% 14% 6% 10% 38

39 Annexure 4: Aggregated pan India data All Small Medium Large All Small Medium Large Total Funding (Rs Cr) Securitisation (Rs Cr) Q1 FY , , Q4 FY , ,106 8,447 3, ,736 Q1 FY , ,589 2, ,519 % change in Q1 FY over Q1 FY (YoY) 160% 103% 53% 172% 220% 43% 229% % change in Q1 FY over Q4 FY % -33% -53% 14% -33% -100% -29% -33% per loan officer per branch Q1 FY ,479 1,501 1,772 2,658 Q4 FY ,509 1,401 2,108 2,597 Q1 FY ,471 1,382 2,027 2,568 % change in Q1 FY over Q1 FY (YoY) 0% -24% 15% -2% 0% -8% 14% -3% % change in Q1 FY over Q4 FY % -9% 6% 0% -2% -1% -4% -1% GLP per loan officer (Rs Cr) GLP per branch (Rs Cr) Q1 FY Q4 FY Q1 FY % change in Q1 FY over Q1 FY (YoY) 17% -13% 33% 14% 17% 6% 32% 13% % change in Q1 FY over Q4 FY % -11% 6% 3% 1% -4% -3% 2% 39

40 Annexure 5: 5: Aggregated state level data State Quarter Count of NBFC- MFI GLP (Rs Cr) (Lakh) Branches Loan amount disbursed (Rs Cr) Loans disbursed Average loan amount disbursed per account (Rs) AS Q1 FY , ,117 Q1 FY ,986 BH Q1 FY , ,068 2, ,033 Q1 FY , , ,101 CG Q1 FY , ,757 Q1 FY ,782 DL Q1 FY ,174 Q1 FY ,119 GJ Q1 FY ,544 Q1 FY ,685 HR Q1 FY ,284 Q1 FY ,479 JH Q1 FY , ,553 Q1 FY ,868 KA Q1 FY , ,060 2, ,129 Q1 FY , , ,308 KL Q1 FY , ,749 Q1 FY , ,843 * data only shown for states where 5 or more MFIs are operating 40

41 Annexure 5: 5: Aggregated state level data State Quarter Count of NBFC-MFI GLP (Rs Cr) (Lakh) Branches Loan amount disbursed (Rs Cr) Loans disbursed Average loan amount disbursed per account (Rs) MH Q1 FY , , ,315 Q1 FY , , ,130 MP Q1 FY , ,013 1, ,599 Q1 FY , ,249 OR Q1 FY , ,066 2, ,412 Q1 FY , , ,251 PB Q1 FY , ,846 Q1 FY ,105 RJ Q1 FY , ,025 Q1 FY ,367 TN Q1 FY , , ,947 Q1 FY , ,627 UK Q1 FY ,835 Q1 FY ,097 UP Q1 FY , ,229 1, ,404 Q1 FY , , ,424 WB Q1 FY , , ,317 Q1 FY , ,360 * data only shown for states where 5 or more MFIs are operating 41

42 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch BFIL Q1 FY BFIL Q4 FY BFIL Q1 FY Satin Q1 FY Satin Q4 FY Satin Q1 FY CreditAccess Grameen CreditAccess Grameen CreditAccess Grameen Q1 FY Q4 FY Q1 FY ,832 21,530 28,61,913 6,260 21, ,506 16,808 9, ,266 12,594 44% 20,352 27,67,545 5,738 20, ,434 15,403 9, ,315 9,631 18,694 18,93,663 3,734 19, ,275 14,666 8, ,041 5,400 20,913 4,63,644 1,333 28, ,951 5, ,081 4,304 49% 18,501 4,25,037 1,257 29, ,121 5, ,196 3,617 15,738 4,73,046 1,067 22, ,801 3, ,719 3,937 24,511 6,49,187 1,195 18, ,267 3, ,650 3,937 5% 24,511 6,49,187 1,195 18, ,267 3, ,650 3,741 24,455 8,11,935 1,680 20, ,871 3, ,892 Spandana Q1 FY ,166 19,969 4,48, , ,045 2, ,285 4 Spandana Q4 FY ,166 80% 19,969 4,48, , ,045 2, ,285 Spandana Q1 FY ,755 16,523 3,98, , ,300 2, ,854 Muthoot Microfin Q1 FY ,920 24,139 4,12,451 1,083 26, ,822 4, ,591 5 Muthoot Microfin Q4 FY ,920 34% 24,139 4,12,451 1,083 26, ,822 4, ,591 Muthoot Microfin Q1 FY ,174 25,011 3,00, , ,975 3, ,120 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 42

43 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch 6 Asirvad Q1 FY Asirvad Q4 FY Asirvad Q1 FY ,438 16,132 3,54, , ,364 2, ,799 2,437 33% 16,228 4,98, , ,168 2, ,805 1,827 14,382 3,42, , ,119 2, ,633 Arohan Q1 FY ,171 19,080 4,10,662 1,047 25, ,177 2, ,616 7 Arohan Q4 FY ,171 93% 19,080 4,10,662 1,047 25, ,177 2, ,616 Arohan Q1 FY ,127 14,549 1,87, , ,322 1, ,717 Annapurna Q1 FY ,035 16,055 1,96, , ,903 2, ,811 8 Annapurna Q4 FY ,954 53% 15,839 2,66, , ,507 2, ,298 Annapurna Q1 FY ,328 13,591 1,47, , ,483 1, ,701 Fusion Q1 FY ,761 15,146 2,26, , ,465 2, ,857 9 Fusion Q4 FY ,558 94% 15,233 2,30, , ,202 2, ,728 Fusion Q1 FY ,289 1,26, , ,445 1, , Madura Q1 FY Madura Q4 FY Madura Q1 FY ,393 18,827 1,49, , ,297 1, ,458 1,184 66% 17,193 1,47, , ,234 1, , ,779 67, , , ,165 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 43

44 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Sonata Q1 FY ,320 18,298 26, , ,763 1, , Sonata Q4 FY ,376 33% 19,646 1,27, , ,761 1, ,648 Sonata Q1 FY ,035 14,917 59, , ,445 1, ,911 Belstar Q1 FY ,236 22,906 1,16, , ,046 1, , Belstar Q4 FY ,137 86% 23,196 1,35, , , ,077 Belstar Q1 FY ,824 1,10, , , ,067 Samasta Q1 FY ,111 21,336 1,63, , ,997 2, , Samasta Q4 FY % 20,653 1,53, , ,772 1, ,352 Samasta Q1 FY ,094 37, , ,427 Vaya Q1 FY ,059 1,10, , ,567 1, , Vaya Q4 FY ,667 1,06, , ,611 1, ,854 Vaya Q1 FY VFS Q1 FY VFS Q4 FY VFS Q1 FY ,260 88, , , , % 20,797 1,25, , , , ,181 43, , ,545 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 44

45 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Share Q1 FY ,724 1,38, , ,509 2, Share Q4 FY % 12,724 1,38, , ,509 2, Share Q1 FY ,594 98, , ,119 1, SVCL Q1 FY ,035 57, , ,858 1, , SVCL Q4 FY % 15,823 1,13, , ,887 1, ,414 SVCL Q1 FY ,745 73, , ,112 1, ,192 Svatantra Q1 FY ,116 59, , , , Svatantra Q4 FY % 20,619 87, , , ,113 Svatantra Q1 FY ,488 27, , ,176 Fino Finance Q1 FY ,726 42, , , , Fino Finance Q4 FY % 17,743 80, , , ,469 Fino Finance Q1 FY ,077 31, , , ,260 Saija Q1 FY ,723 70, , , Saija Q4 FY % 14,910 1,07, , ,145 Saija Q1 FY ,131 27, , ,361 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 45

46 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Midland Q1 FY ,686 75, , , , Midland Q4 FY % 15,522 71, , ,080 Midland Q1 FY ,035 15, , ,985 Chaitanya Q1 FY ,748 65, , , , Chaitanya Q4 FY % 14,621 67, , , ,679 Chaitanya Q1 FY ,190 42, , , ,433 Namra Q1 FY ,758 46, , , Namra Q4 FY % 14,891 50, , ,894 Namra Q1 FY ,458 29, , ,130 Margdarshak Q1 FY ,885 14, , , Margdarshak Q4 FY % 14,031 31, , ,906 Margdarshak Q1 FY ,135 14, , ,683 Jagaran Q1 FY ,882 59, , , Jagaran Q4 FY % 11,809 76, , ,047 Jagaran Q1 FY ,205 48, , ,802 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 46

47 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Pahal Q1 FY ,569 34, , , Pahal Q4 FY % 18,519 37, , ,718 Pahal Q1 FY ,810 16, , ,467 Satya Q1 FY ,589 22, , , Satya Q4 FY ,061 38, , ,079 Satya Q1 FY Sambandh Q1 FY ,434 17, , , Sambandh Q4 FY % 16,182 36, , ,029 Sambandh Q1 FY ,902 9, , ,509 Svasti Q1 FY ,308 17, , , Svasti Q4 FY % 18,640 35, , ,996 Svasti Q1 FY ,270 16, , ,508 M Power Q1 FY ,293 14, , , M Power Q4 FY % 19,710 24, , ,327 M Power Q1 FY ,629 8, , ,411 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 47

48 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Adhikar Q1 FY ,122 20, , , Adhikar Q4 FY % 15,319 39, , ,611 Adhikar Q1 FY ,989 16, , ,437 Growing Opportunity Q1 FY ,185 13, , , Growing Opportunity Q4 FY % 23,465 16, , ,758 Growing Opportunity Q1 FY ,571 6, , ,873 Light Q1 FY ,055 14, , , Light Q4 FY % 22,300 15, , ,480 Light Q1 FY ,125 8, , , Navachetana Q1 FY Navachetana Q4 FY Navachetana Q1 FY ,585 28, , , % 20,585 28, , , ,993 22, , ,657 Centrum Q1 FY ,130 14, , , Centrum Q4 FY ,436 13, , ,028 Centrum Q1 FY *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 48

49 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Janakalyan Q1 FY ,975 17, , , Janakalyan Q4 FY % 12,656 20, , ,786 Janakalyan Q1 FY ,011 14, , Inditrade Q1 FY ,531 13, , , Inditrade Q4 FY ,815 17, , ,326 Inditrade Q1 FY Unacco Q1 FY ,331 12, , , Unacco Q4 FY % 15,760 15, , ,604 Unacco Q1 FY ,813 11, , ,025 Nightingale Q1 FY ,831 9, , , Nightingale Q4 FY % 14,237 9, , ,268 Nightingale Q1 FY ,825 6, , ,226 Shikhar Q1 FY ,213 2, , , Shikhar Q4 FY % 14,890 9, , ,291 Shikhar Q1 FY ,186 2, , ,532 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 49

50 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Unnati Q1 FY ,849 3, , , Unnati Q4 FY % 22,348 7, , ,916 Unnati Q1 FY ,538 4, , , Varam Q1 FY Varam Q4 FY Varam Q1 FY ,499 1, , , % 14,895 2, , , ,984 6, , ,443 NEED Q1 FY ,530 5, , NEED Q4 FY ,897 8, , NEED Q1 FY MSM Q1 FY ,314 4, , , MSM Q4 FY % 16,415 6, , ,027 MSM Q1 FY ,005 2, , ,448 Agora Q1 FY ,373 4, , , Agora Q4 FY % 15,760 4, , ,687 Agora Q1 FY ,005 1, , ,610 *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana 50

51 Annexure 6: NBFC-MFI Level Data Sl no NBFC-MFI Quarter GLP (Rs Cr) YoY change in GLP (%) Average loan outstanding per client (Rs) Number of Loans disbursed (quarter) Loan amount disbursed (Rs Cr, quarter) Average loan amount disbursed per account (Rs) States Districts Branche s Employee s Loan officers (Lk) GLP per employee (Rs, Lk) GLP per loan officer (Rs, Lk) GLP per branch (Rs, Cr) per emplo yee per loan officer per branch Hindusthan Q1 FY Hindusthan Q4 FY Hindusthan Q1 FY Aviral Q1 FY Aviral Q4 FY Aviral Q1 FY Adi Chitragupta Q1 FY Adi Chitragupta Q4 FY Adi Chitragupta Q1 FY , , % 15,736 2, , ,141 1, , , ,870 2, , ,217 2, , ,300 2, , , ,122 5, , , *Q2 FY data used for CreditAccess Grameen Limited, Q data has been used for Arohan, Muthoot Microfin, Navchetana, Spandana, 51