Fusion Finance

May 15 (Reuters) - Fusion Finance Ltd FUSN.NS:

• MARCH-QUARTER PAT 1.14 BILLION RUPEES

• MARCH-QUARTER TOTAL REVENUE FROM OPERATIONS 4.24 BILLION RUPEES

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Oct 17 (Reuters) - Fusion Finance FUSN.NS:

• FUSION FINANCE LTD - TAX DEMAND OF 166.2 MILLION RUPEES DELETED

Source text: ID:nBSE5VMY6Y

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** Shares of India's Bandhan Bank BANH.NS rise 3.1% to 180.3 rupees apiece

** CLSA says among microfinance lenders, BANH has outperformed larger rival IndusInd Bank INBK.NS as well as smaller peers on asset quality in the March quarter

** Brokerage reiterates high-conviction "outperform" rating on BANH

** Says BANH's annualised gross slippage ratio of 10% was significantly below Creditaccess Grameen CRDE.NS, Fusion Finance FUSN.NS and INBK

** Sees only marginal pain for BANH in terms of asset quality going forward, compared with peers

** CLSA reiterates "underperform" on CRDE and FUSN; CRDE shares down 0.8%, FUSN shares up 0.5%

** BANH shares up 10% in 2025 so far, mirroring the 12% rise in private bank index .NIFPVTBNK

(Reporting by Bharath Rajeswaran in Bengaluru)

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March 14 (Reuters) - Fusion Finance Ltd FUSN.NS:

• FUSION FINANCE LTD - APPOINTS SANJAY GARYALI AS CEO

• FUSION FINANCE LTD - DEVESH SACHDEV CHANGES DESIGNATION TO MANAGING DIRECTOR

Source text: ID:nBSE9k729

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Jan 16 (Reuters) - Fusion Finance Ltd FUSN.NS:

• FUSION FINANCE - GOT TAX ORDER FOR 2.7 MILLION RUPEES

Source text: ID:nNSE4LlnV2

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Nov 27 (Reuters) - Fusion Finance Ltd FUSN.NS:

• GETS TAX NOTICE OF 12.2 MILLION RUPEES

Source text: ID:nBSEkn249

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Nov 19 (Reuters) - Fusion Finance Ltd FUSN.NS:

• FUSION FINANCE - CLARIFIES REPORT "FUSION FIN MAY CEASE TO BE A GOING CONCERN"

• FUSION FINANCE - REPORT IS FACTUALLY INCORRECT, MISLEADING

• FUSION FINANCE - FUSION HAS NOT ASKED FOR ANY MORATORIUM FROM ANY LENDER

Source text: ID:nBSE7pwXxD

Further company coverage: FUSN.NS

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Oct 2 (Reuters) - Fusion Finance Ltd FUSN.NS:

• TO CONSIDER RAISING OF FUNDS

Source text for Eikon: ID:nBSE4WkTxN

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** Shares of Fusion Finance FUSN.NS slump to an exchange-allowed maximum of 10%; stock hits record low at 275.9 rupees

** The microfinance lender said it may incur higher estimated credit loss (ECL) provisioning in Q2 FY 2025

** Co expects ECL between 5 bln rupees (about $60 mln) to 5.5 bln rupees in Q2 FY25 vs credit loss of 3.48 bln rupees in Q1

** Adds CEO Devesh Sachdev to step down

** Emkay Research cuts target price on stock to 260 rupees from 340 rupees; retains "reduce"

** New TP at ~33% discount on last close

** Says co's ECL will lead to higher loss in Q2, change in management would "derail the growth cart of the company"

** Over 1.8 mln shares traded, 4.1x the 30-day avg

** Stock down 52% YTD

($1 = 83.5110 Indian rupees)

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Fusion Finance FUSN.NS fall 20% to 346.4 rupees, hitting lower limit of exchange-mandated trading band

** Stock set for worst day on record, and hits its lowest since November 2022

** Microfinance lender reports Q1 loss of 356.2 mln ($4.2 mln), hurt by a surge in provisions

** Motilal Oswal downgrades stock to "neutral," sees risk of further asset quality stress due to floods across India

** Ambit notes asset quality stress for FUSN worse and spread across more states vs peers

** FUSN extends YTD losses to 40%

($1 = 83.9125 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru)

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BENGALURU, May 14 (Reuters) - Indian non-banking financial companies (NBFC) will see some moderation in profitability in the next 12 to 18 months due to higher funding costs, rating agency Moody's said in a report on Tuesday.

In November, India's central bank asked banks to set aside additional capital against loans to NBFCs, making borrowing from banks more expensive for non-bank lenders.

The Reserve Bank of India also increased the capital requirements for unsecured loans for both banks and non-bank lenders.

Indian non-bank lenders have reported healthy loan growth in recent quarters due to strong credit demand, especially in the unsecured lending space.

But as unsecured loans mature, Moody's expects the sector's credit costs, or loan-loss provisions as a portion of gross loans, to increase from cyclically low levels.

It also expects some NBFCs to reduce unsecured lending and increase secured lending after the central bank's November order, and the non-performing asset ratios for non-banks to remain below pre-pandemic levels.

Loans at NBFCs would grow about 15% in the next 12-18 months, Moody's Ratings said.

(Reporting by Nishit Navin in Bengaluru; Editing by Shinjini Ganguli)

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May 6 (Reuters) - Fusion Micro Finance Ltd FUSN.NS:

• FUSION MICRO FINANCE MARCH-QUARTER PAT 1.33 BILLION RUPEES VERSUS PROFIT 1.15 BILLION RUPEES

• FUSION MICRO FINANCE MARCH-QUARTER INTEREST INCOME 5.76 BILLION RUPEES VERSUS 4.51 BILLION RUPEES

Source text for Eikon: ID:nNSE9N702Q

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BENGALURU, March 4 (Reuters) - Private equity firms Advent International and Multiples will invest $230 million in Svatantra Microfin, the microfinance lender said on Monday, as it looks to tap rising demand for credit in India's hinterlands.

The fund raise comes a few months after Svatantra's acquisition of Chaitanya India Fin Credit for 14.79 billion rupees ($178 million), that helped it become one of India's largest non-bank microfinance companies.

Privately-held Svatantra did not disclose details on how it plans to use the funds or the valuation at which it raised them.

The promoter group, an Indian term for large shareholders who can influence company policy, will continue to have a majority stake in the company.

Svatantra, backed by Ananya Birla, daughter of billionaire industrialist Kumar Mangalam Birla, provides small personal loans to rural and semi-urban customers. It manages assets worth 130 billion rupees.

CreditAccess Grameen CRDE.NS and Fusion Micro Finance FUSN.NS are its peers.

Lenders in the world's biggest microfinance market are betting big on increasing market penetration, with a only little over one-third of the addressable market having access to credit facilities.

($1 = 82.9020 Indian rupees)

(Reporting by Nandan Mandayam in Bengaluru; Editing by Mrigank Dhaniwala)

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Feb 5 (Reuters) - Fusion Micro Finance Ltd FUSN.NS:

• DEC-QUARTER PAT 1.26 BILLION RUPEES VERSUS 1.02 BILLION RUPEES YEAR AGO

• DEC-QUARTER INTEREST INCOME 5.4 BILLION RUPEES VERSUS 4.2 BILLION RUPEES YEAR AGO

Source text for Eikon: ID:nNSE1KpHq2

Further company coverage: FUSN.NS

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Aug 2 (Reuters) - Fusion Micro Finance Ltd FUSN.NS:

• JUNE-QUARTER PAT 1.2 BILLION RUPEES VERSUS PROFIT 751 MILLION RUPEES

• JUNE-QUARTER TOTAL REVENUE FROM OPERATIONS 5.31 BILLION RUPEES VERSUS 3.43 BILLION RUPEES

Source text for Eikon: ID:nNSE7nYmDz

Further company coverage: FUSN.NS

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** Cost of funds will rise for non-banking financial companies (NBFCs) in 2023-24 despite two back-to-back rate pauses by Reserve Bank of India (RBI), says global brokerage firm CLSA

** RBI has hiked the repo rate by 250 basis points since May last year to 6.5%, before pausing rate hikes in the last two policy meetings

** CLSA estimates less than 50% of borrowings for most large NBFCs at floating rates, where rate transmission happens with a lag of 1-12 months

** Among NBFCs, Fusion Microfinance has the highest share of floating rate borrowings at 94%; 74% for SBI Cards; 39% for LIC Housing Finance

** Also 20% of NBFCs' non-convertible debentures (NCDs) are maturing in FY24 and FY25 each which bear coupon rates "much below" current levels, implying a refinancing hit - CLSA

** Incremental cost of NCDs unlikely to come off with repo rate cuts - CLSA

** Expects bank borrowing costs for NBFCs to reprice upwards in first half of FY24

** Borrowing costs likely to decline in first half of FY25, assuming RBI starts cutting rates in Q3FY24

** SBI Cards is brokerage's preferred pick; CLSA sees most pressure for LIC Housing Finance

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected] ; +91 9769003463))

May 22 (Reuters) - Fusion Micro Finance Ltd FUSN.NS:

• RE-APPOINTS DEVESH SACHDEV AS MANAGING DIRECTOR AND CEO

• MARCH-QUARTER PAT 1.15 BILLION RUPEES VERSUS 132 MILLION RUPEES

• MARCH-QUARTER INTEREST INCOME 4.51 BILLION RUPEES VERSUS 3.07 BILLION RUPEES

Source text for Eikon: ID:nBSE9pjWkn

Further company coverage: FUSN.NS

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