Vakrangee announces excellent Q3 FY2017-18 results

ANI | Updated: Jan 24, 2018 13:23 IST

Mumbai (Maharashtra) [India], Jan 24 (ANI-NewsVoir): Vakrangee, a technology driven company focused on building India's largest network of last-mile retail outlets to deliver real-time banking, insurance, ATM, e-governance, e-commerce and logistics services, has crossed Rs. 50,000 crore in market capitalisation.

Vakrangee announced excellent Q3 FY2017-18 results with net sales witnessing a growth of 84.13 percent stood at Rs 1,802.42 crore in Q3FY2017-18 as against Rs 978.86 crore for the corresponding quarter last year, while PAT increase by 87.5 per cent to Rs 246.66 crore.

EPS (basic) for the face value of `1 stood at `2.33 in Q3FY2017-18 as against `1.25 in Q3FY2016-17.

The company is one of the main beneficiaries of the government's financial inclusion drive. It runs around 44,200 'Vakrangee Kendras' across 17 states.

"We forecast that its store or "kendra" revenue and EBITDA will triple over FY 2017-20E, from a doubling of kendras to 75,461; Amazon's activation of services in 58 per cent of its kendras; and an increase in mature stores to 75 per cent from 45 per cent" said Neerav Dalal, Analyst, MayBank Kim Eng Securities.

The company offers assisted e-commerce services offering strong platform for buying/collecting/delivering large variety of products; alliance with Netmeds Marketplace Limited to offer medicines and other health products.

The company has also alliance with RedBus for offering bus ticketing services and with Mahindra eMarket Limited, a subsidiary of M&M for promoting and booking automobile products using the last-mile distribution network of Vakrangee Kendra outlets.

It also has alliance with Indian Railway Catering and Tourism Corporation Limited (IRCTC) for offering Railway E-Tickets booking through Vakrangee Kendras and has also alliance with IndusInd Bank Limited for Bharat Bill Payment System platform to deliver wide range of bill payment services from Vakrangee Kendra outlets.

It is also affiliated with Vasco Worldwide, an avant-garde travel service enterprise, to provide travel concierge and visa support services and has also tie-up with DMI Finance Private Limited (DMI) to act as a Lead generator for offering its various loan products and collection of EMIs to citizens across Pan India.

The company has corporate agency tie-up for Life, General and Health insurance with Life Insurance Corporation of India (LIC), HDFC Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited and other Insurance Companies.

It also has alliance with FedEx Express, Aramex India Private Limited, Delhivery Private Limited and First Flight Couriers Limited for courier and logistics services (Forward Delivery as well as Reverse Pick Up services) using the last-mile distribution network of Vakrangee Kendra outlets.

Vakrangee moves towards its vision 2020 has strategic tie-up with Indian Oil Corporation Limited (IOCL), India's largest commercial enterprise and Vakrangee Kendra shall be set up in about 20,000 plus IOC Retail Outlets (Filling/Gas Station) located PAN India. (ANI-NewsVoir)