December 20, 2023
Kogta Financial India Limited: Ratings withdrawn for PTCs backed by vehicle loan
receivables securitisation transaction
Summary of rating action
Amount O/s
Initial Rated Current Rated
after Last
Trust Name Instrument* Amount Amount Rating Action
Surveillance
(Rs. crore) (Rs. crore)
(Rs. crore)
Darcy 11 2021 PTC Series A1 99.91 37.29 0.00 [ICRA]AA+(SO); Withdrawn
*Instrument details are provided in Annexure I
Rationale
ICRA has withdrawn the ratings for pass through certificates (PTCs) issued under the aforesaid transactions which are backed
by pool of vehicle loans originated by Kogta Financial India Limited (Kogta). All the payouts to the investors in the above-
mentioned instruments have been made and no further payments are due to the investors.
The key rating drivers, liquidity position, rating sensitivities have not been captured as the ratings assigned to the instruments
have been withdrawn. The previous detailed rating rationale of previous rating exercise is available at the following link:
Click here
Analytical approach
Analytical Approach Comments
Applicable Rating Methodologies ICRA's Policy on Withdrawal of Credit Rating
Parent/Group Support Not Applicable
Consolidation/Standalone Not Applicable
About the originator
Kogta Financial India Limited (KFIL), incorporated in 1996, is an NBFC, which primarily finances new and used commercial
vehicles, multi-utility vehicles, cars, and tractors. It also provides MSME loans and loan against property (LAP). The Jaipurbased
company operates through a network of about 202 branches (as on June 30, 2023) across Rajasthan, Gujarat, Maharashtra,
Madhya Pradesh, Delhi NCR, Uttar Pradesh and Punjab & Haryana.
The company’s AUM stood at Rs. 3,706 crore as on June 30, 2023 compared to Rs. 3,396 crore as on March 31, 2023 (Rs. 2,183
crore March 31, 2022). While the used vehicle financing segment accounted for a 68% share in the AUM as on June 30, 2023,
the new vehicle financing segment’s share stood at 11% with LAP/MSME loans accounting for 20%. Rajasthan accounted for
34% of the AUM as on June 30, 2023.
Post the equity infusion in May 2022, the promoter group, viz. the Kogta family, holds a 31.7% equity stake (including warrants)
in the company on a fully-diluted basis, while the balance is held by Morgan Stanley Private Equity Asia (23.2%), Creador
Advisors India LLP (17.2%), Multiples Private Equity (14.3%) and Javelin Investments (9%).
The company reported a profit after tax (PAT) of Rs. 85.5 crore in FY2023 on a total managed asset base of Rs. 4,419.9 crore
as on March 31, 2023 compared to a PAT of Rs. 52.1 crore in FY2022 on a total managed asset base of Rs. 2,926.7 crore as on
March 31, 2022. The company’s net worth stood at Rs. 1,134.8 crore as on March 31, 2023 compared to Rs. 651.0 crore as on
March 31, 2022. The gross and net NPA stood at 3.3% and 1.8%, respectively, as on March 31, 2023 compared to 3.6% and
2.5%, respectively, as on March 31, 2022.
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In Q1 FY2024, KFIL reported a PAT of Rs. 20.1 crore on a total managed asset base of Rs. 4,582.4 crore as on June 30, 2023.
The company had a net worth of Rs. 1,155 crore as on June 30, 2023. The gross and net NPA stood at 2.9% and 1. 7%,
respectively, as on June 30, 2023.
Key financial indicators
Kogta FY2021 FY2022 FY2023 H1 FY2024
Net worth 596 651 1,135 1,155
Profit after tax 45 52 86 20
Total managed assets 2,042 2,927 4,420 4,582
% Gross NPAs 3.3% 3.6% 3.3% 2.9%
% Net NPAs 2.4% 2.5% 1.8% 1.7%
Amount in Rs. crore
Source: Company, ICRA Research; All ratios as per ICRA’s calculations
Status of non-cooperation with previous CRA: Not applicable
Any other information: None
Rating history for past three years
Chronology of Rating History
Current Rating (FY2024)
for the Past 3 Years
Initial Date &
Sr. Trust Amount Date & Rating
Amount Date & Rating in
No. Name Date & Rating in FY2022 Rating in
Instrument Rated Outstanding FY2024 in FY2023
(Rs. crore) FY2021
(Rs.
crore) Dec 20, 2023 Dec 14, 2022 Feb 01, 2022 Dec 02, 2021 -
Darcy PTC Series [ICRA]AA+(SO); Provisional
1 99.91 0.00 [ICRA]AA+(SO) [ICRA]AA(SO) -
11 2021 A1 Withdrawn [ICRA]AA(SO)
Complexity level of the rated instrument
Trust Name Instrument Complexity Indicator
Darcy 11 2021 PTC Series A1 Moderately Complex
The Complexity Indicator refers to the ease with which the returns associated with the rated instrument could be estimated.
It does not indicate the risk related to the timely payments on the instrument, which is rather indicated by the instrument's
credit rating. It also does not indicate the complexity associated with analysing an entity's financial, business, industry risks or
complexity related to the structural, transactional, or legal aspects. Details on the complexity levels of the instruments, is
available on ICRA’s website Click Here
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Annexure I: Instrument details
Instrument Date of Issuance Coupon Amount Rated
Trust Name Maturity Date Current Rating
Name / Sanction Rate (Rs. Crore)
[ICRA]AA+(SO);
Darcy 11 2021 PTC Series A1 November 2021 8.75% March 2026 0.00
Withdrawn
Source: Company
Annexure II: List of entities considered for consolidated analysis
Not Applicable
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ANALYST CONTACTS
Abhishek Dafria Sachin Joglekar
+91 22 6114 3440 +91 22 6114 3470
abhishek.dafria@icraindia.com sachin.joglekar@icraindia.com
Himanshi Doshi Mrugesh Trivedi
++91 22 6114 3410 + +91 22 6114 3436
himansi.doshi@icraindia.com mrugesh.trivedi@icraindia.com
Ekta Baheti
++91 22 6114 3423
ekta.baheti@icraindia.com
RELATIONSHIP CONTACT
L Shivakumar
+91 22 6169 3304
shivakumar@icraindia.com
MEDIA AND PUBLIC RELATIONS CONTACT
Ms. Naznin Prodhani
Tel: +91 124 4545 860
communications@icraindia.com
Helpline for business queries
+91-9354738909 (open Monday to Friday, from 9:30 am to 6 pm)
info@icraindia.com
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Today, ICRA and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is a Public Limited Company,
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