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Anand Rathi Report
With better asset quality and strong profitability, Fusion Micro Finance Ltd.'s Q4 was stable. Key positives were-
asset quality (gross non-performing asset down 15 basis points QoQ),
net interest margin up 5 bps QoQ and
strong profitability (4.7% return on asset).
Robust growth and stable collections are expected in H2 FY25. We have a positive outlook on MFIs and look favorably at Fusion.
We introduce FY26e and maintain a Buy, at a lower 12-mth target price of Rs 683, 1.7 times price/book value on the FY26E book.
Risks:
Less-than-expected AUM book growth; higher slippages from the MFI book.
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