Non-banking Financial company Fusion Micro Finance announced Q1FY24 results: Asset Under Management (AUM) grew 31.43% YoY to Rs 9,711.75 crore from Rs 7,389.02 crore Disbursements grew 15.21% YoY to Rs 2,284.61 crore Net NPA reduced to 0.78% Borrower base increased to ~36 lakh 17 branches added in Q1, increasing the total branch network to 1,103 across 20 States, including 3 Union Territories Total income increased by 53.36% YoY to Rs 552.78 crore from Rs 360.45 crore Net interest income (NII) increased by 59.24% YoY to Rs 294.07 crore from Rs 184.67 crore Pre-provision Operating Profit (PPOP) increased by 95.85% YoY to Rs 235.39 crore from Rs 120.19 crore Total Expected Credit Loss (ECL) is Rs 328.38 crore (3.76%) (includes management overlay of Rs 57.68 crore), GNPA reduced to 3.20% from 3.46% and NNPA reduced to 0.78% from 0.87% (QoQ) Write-offs were Rs 59.36 crore Profit After Tax (PAT) increased by 60.40% YoY to Rs 120.46 crore from Rs 75.10 crore Healthy capital position with a CRAR of 28.26% Robust liquidity of Rs 1,177.08 crore of cash and cash equivalents, amounting to 11.84% of the total assets Credit Rating A positive by ICRA and A Stable by CRISIL and CARE Commenting on the performance, Devesh Sachdev, Managing Director and CEO, Fusion Micro Finance said, “We are off to a good start and confident of maintaining the momentum going forward. In this quarter, our Profit After Tax (PAT) increased by 60.40% YoY to Rs 120.46 crore from Rs 75.10 crore. Our Asset Under Management (AUM) grew by 31.43% YoY to Rs 9,711.75 crore from Rs 7,389.02 crore and our borrower base grew to ~36 lakh. Our NIM has expanded to 10.89% and there would be further expansion before it stabilizes. We continue to strengthen our processes, digital capabilities, and human capital. Keeping our customers at the center, we are confident of delivering sustainable growth”. Result PDF
Non-banking Financial company Fusion Micro Finance announced Q4FY23 & FY23 results: Q4FY23: Total income increased 39.76% YoY from Rs 3,725.55 million to Rs 5,206.92 million Net interest income (NII) increased 62.37% YoY from Rs 1,685.95 million to Rs 2,737.55 million Pre-provision operating profit increased 47.77% YoY from Rs 1,496.37 million to Rs 2,211.23 million Impairment of financial instruments declined 48.36% YoY from Rs 1,340.02 million to Rs 691.96 million Total Expected Credit Loss (ECL) is Rs 3,126.62 million (3.74%) (includes management overlay of Rs 512.50 million) against GNPA of Rs 2,888.99 million (3.46%) and NNPA further reduced from 0.98% to 0.87% QoQ Write-offs were Rs 457.80 million Profit After Tax (PAT) increased by 767.93% YoY from Rs 131.95 million to Rs 1,145.24 million Healthy capital position with a CRAR of 27.94% Credit Rating remains at “A” Stable by CRISIL, CARE, and ICRA FY23: Disbursements grew 39.10% YoY from Rs 61,797.77 million to Rs 85,961.13 million Borrower base increased to 3.53 million across 1,086 branches Addition of ~ 0.8 million new clients during the year Cost of Funds reduced by 13 bps Net NPA dropped to 0.87% from 1.64% Commenting on the performance, Devesh Sachdev, Managing Director and CEO, Fusion Micro Finance, said, “FY23 has been a milestone year for the Company as we successfully got listed and have demonstrated strong performance consistently across all operational and financial metrics. Our AUM has grown by 36.99% YoY to Rs 92,962.19 million. We reached a base of 3.53 million borrowers and clocked the highest PAT since inception resulting in ROA of 4.65% and ROE of 21.16 %.” “We have achieved these results due to our focused strategy of geographical diversification, building an extensive network, investing in human capital, technology, sound risk management and building for the future. We are well-positioned to achieve robust and sustainable long-term growth." he added. Result PDF