Prepaid cash card Itz Cash announced a couple of days ago that that it had registered a turnover of Rs 2200 crore in the fiscal year 2009-2010, and expects to have hit the Rs. 3000 crore mark for the year ending 31st March 2011 (FY11), growing by 25% across each vertical that it operates in: B2C, Corporate and Franchisee verticals. However, as per filings the company made with India’s Registrar of Companies (ROC), for the year ended 31st March 2010, it reported a gross income of Rs 1667 crore, down 2.57% year on year, and a net loss of Rs 6.3 crore, which also dipped compared to the previous year’s loss of Rs 9.94 crore.
Responding to our query on the difference in numbers, Naveen Surya, MD of Itz Cash explained that transactions for the company’s corporate solutions business are not directly reported in its books and revenue comes from commissions from clients. However, the company’s annual report includes income from these transactions. He added that the company was close to profitability at the end of FY11, and expects to be EBITDA profitable by end of FY12.
According to a press release from the company, it registered a 100% growth in the B2B vertical with merchant tie-ups doubling from 5000 to 10,000, 50% growth in number of Itz Cash Worlds outlets which grew from 40,000 to 60,000 and 25% growth in number of Itz Cash Points from 200,000 to 250,000. Itz Cash card, across all its products, namely Itz Cash World franchisees, and NoQ24x7 Prepaid Cash Cards, processes over 100,000 transactions amounting to Rs. 100 million to Rs. 150 million, daily. It has 8 million end-customers across the country. It also offers corporate solutions for customized payment cards.
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