Delhi, August 2023: Fusion Micro Finance [BSE (BOM: 543652) and NSE (NSE: FUSION)], today announced its unaudited and limited reviewed financial performance for the first quarter of the financial year 2023-24. The company continues to demonstrate robust growth and strong operating metrics posting its highest profit since inception.
Business Highlights: Q1 FY24
- Asset Under Management (AUM) grew 31.43% YoY to INR 9,711.75 crore from INR 7,389.02 crore
- Disbursements grew 15.21% YoY to INR 2,284.61 crore
- Net NPA reduced to 0.78%
- The borrower base increased to ~36 lakh
- 17 branches were added in Q1, increasing the total branch network to 1103 across 20 States, including 3 Union Territories
Financial Highlights: Q1 FY24
- Total income increased by 53.36% YoY to INR 552.78 crore from INR 360.45 crore
- Net interest income (NII) increased by 59.24% YoY to INR 294.07 crore from INR 184.67 crore
- Pre-provision Operating Profit (PPOP) increased by 95.85% YoY to INR 235.39 crore from INR 120.19 crore
- Total Expected Credit Loss (ECL) is INR 328.38 crore (3.76%) (includes management overlay of INR
57.68 crore), GNPA reduced to 3.20% from 3.46% and NNPA reduced to 0.78% from 0.87% (QoQ) - Write-offs were INR 59.36 crore
- Profit After Tax (PAT) increased by 60.40% YoY to INR 120.46 crore from INR 75.10 crore
- Healthy capital position with a CRAR of 28.26%
- Robust liquidity of INR 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, of Fusion Micro Finance Ltd. 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 INR 120.46 crore from INR 75.10 crore. Our Asset Under Management (AUM) grew by 31.43% YoY to INR 9,711.75 crore from INR 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”.
