Transcorp International Returns to Cash Profits – Remains Optimistic on Outgoing Remittances and PPI Payment Systems Business
Transcorp International Limited, announced its financial results for the quarter ended June 30, 2021. Mr. Gopal Sharma, Managing Director of the company reported that during the quarter ended June 30, 2021, the company reported a figure of business of Rs. 395.82 crore with stand-alone EBITDA of Rs. 0.53 crore and stand-alone cash profit of Rs. 0.02 crore with stand-alone net loss of Rs. 0.31 crore and consolidated net loss of Rs. 0.57 crore.
Mr. Gopal Sharma, Managing Director of the company, said that during the quarter ended June 30, 2021, the company reported positive EBITDA and returned to cash profits, indicating improved performance and the company’s financial results despite the resulting serious dislocation. of the second wave of Covid that hit Country.
As part of its digital distribution, the company launched a Forex B2B portal named Transwire.in on July 8, 2021. Mr. Sharma added that in the past 3 years, Transcorp has made significant investments in the forex industry. , with the opening of travel and business. the investments should bear fruit in the years to come.
Transcorp’s SBI National Correspondent Banking Division continues to thrive and expand its CSP (Customer Service Point) locations; providing access to millions of Indians in underserved regions. This division consistently generates profits for the company even during the second wave of Covid and has a reach of over 840 locations nationwide. The State Bank of India has recognized Transcorp as one of its premier partners and the company is working closely to accelerate the number of its CSP outlets.
Mr. Ayan Agarwal, Vice President of Payment Systems, said that the company’s payments division which includes the PPI (Prepaid Instrument) license has become one of the major players in the country with exponential quarterly growth. The division onboarded more new KYC customers in the past three months than it did in the full year ending April 2021; which equates to growth of over 400%.
The division has also grown to over 15 strategic partnerships that include co-branding agreements for card issuance. The division benefits from direct connectivity with various networks, including NPCI and VISA, offering a range of exclusive financial products, including loans, settlements and Neo-Banking APIs. The division also benefited greatly from favorable regulatory changes and Transcorp was the first to implement some for the benefit of cardholders.
Shares of TRANSCORP INTERNATIONAL LTD. Last traded on BSE at Rs. 19.07 from the previous close of Rs. 19.58. The total number of shares traded during the day was 54,007 in more than 206 trades.
The share hit an intraday high of Rs. 20.55 and an intraday low of 18.7. The net turnover during the day was Rs. 1,083,140.