NIM expands; credit costs elevated from Punjab portfolio

Company
11 Mar 2024
5 Min read 
  • Fusion Microfinance's 3QFY24 PAT grew 23% YoY but missed estimates due to high credit costs.
  •  Disbursements grew 24% YoY to INR27.1b despite calibrated growth in some states.
  •  AUM increased by 24% YoY to INR107b.
  •  FY24/FY25 EPS estimates were cut by 4%/2% due to higher operating expenses and credit costs.
  •  Fusion Microfinance aims for a CAGR of 24% in AUM and 31% in PAT over FY23-FY26E.
  •  Maintain BUY rating with a TP of INR720 based on 1.6x FY26E P/BV.
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