External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Fusion reported a net loss of ~INR7.2b in 3QFY25 (vs. MOFSLe loss of INR2b), as NIM contracted due to interest income reversals and the reversal of all net Deferred Tax Assets (DTA) to date.</li><li>At the normalized tax rate, Fusion would have reported a lower loss of ~INR3.8b.</li><li>NII declined ~34% YoY to ~INR2.2b (~39% miss), while PPoP declined ~75% YoY to ~INR648b.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion reported a net loss of ~INR7.2b in 3QFY25 (vs. MOFSLe loss of INR2b), as NIM contracted due to interest income reversals and the reversal of all net Deferred Tax Assets (DTA) to date.At the normalized tax rate, Fusion would have reported a lower loss of ~INR3.8b.NII declined ~34% YoY to ~INR2.2b (~39% miss), while PPoP declined ~75% YoY to ~INR648b.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion Microfinance - Weak Performance; Front-Loading Stress for a Cleaner FY26

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Fusion Finance (Fusion) has bolstered its balance sheet by upping its provision cover across Stage-1/2/3 assets and de-recognising interest income on Stage-3 assets.</li><li>Yet, PAR 0+ at 19% (one of the highest within MFI space) casts a shadow on near-term profitability.</li><li>It recovered interest income to the tune of ~INR 1bn in Q3FY25, resulting in total interest income plunging 30% QoQ to INR 4.4bn vs.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion Finance (Fusion) has bolstered its balance sheet by upping its provision cover across Stage-1/2/3 assets and de-recognising interest income on Stage-3 assets.Yet, PAR 0+ at 19% (one of the highest within MFI space) casts a shadow on near-term profitability.It recovered interest income to the tune of ~INR 1bn in Q3FY25, resulting in total interest income plunging 30% QoQ to INR 4.4bn vs.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion Finance - Weak Financial Performance Continues

External broker reports(aggregated public sources), Emkay Global Financial Services Limited

Emkay

Emkay Global Financial Services Limited

Emkay Global Financial Services Ltd. is a leader in the financial services sector, actively creating wealth for our clients for over two decades. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Fusion Finance had posted disproportionately higher stress/LLP in 1Q, and indicated guiding on incremental LLP after assessing the asset quality trend in 2Q.</li><li>In an exchange release, the management has indicated higher LLP at Rs5- 5.5bn in 2Q vs Rs3.5bn in 1Q; we believe this could partly be due to upfronting of stress/LLP and, thus, lead to higher net loss in 2Q.</li><li>Additionally, founder cum MD &amp; CEO Devesh Sachdev has indicated to the Board about stepping down from his executive role and assuming chairmanship once the nomination committee appoints a new CEO.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion Finance had posted disproportionately higher stress/LLP in 1Q, and indicated guiding on incremental LLP after assessing the asset quality trend in 2Q.In an exchange release, the management has indicated higher LLP at Rs5- 5.5bn in 2Q vs Rs3.5bn in 1Q; we believe this could partly be due to upfronting of stress/LLP and, thus, lead to higher net loss in 2Q.Additionally, founder cum MD &amp; CEO Devesh Sachdev has indicated to the Board about stepping down from his executive role and assuming chairmanship once the nomination committee appoints a new CEO.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Fusion Finance - Higher LLP Guidance; Management Change Calls for Extended Caution

India

Fusion Finance is an India-based non-banking financial company primarily engaged in providing microfinance and MSME lending services. The company offers group-based microfinance loans to women through Joint Liability Groups (JLGs) and provides various loan products including income generation, top-up, emergency, cross-sell, unsecured, secured, and solar business loans. It focuses on serving underserved and unserved women in rural and semi-urban areas of India. Fusion Finance was founded in 2010 and is headquartered in Gurugram, India.

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Fusion Finance (FUSION IN)

Fusion Microfinance - Weak Performance; Front-Loading Stress for a Cleaner FY26

Fusion reported a net loss of ~INR7.2b in 3QFY25 (vs. MOFSLe loss of INR2b), as NIM contracted due to interest income reversals and the reversal of...

Motilal Oswal

Fusion Finance - Weak Financial Performance Continues

Fusion Finance (Fusion) has bolstered its balance sheet by upping its provision cover across Stage-1/2/3 assets and de-recognising interest income...

ICICI Securities Limited

Fusion Finance - Higher LLP Guidance; Management Change Calls for Extended Caution

Fusion Finance had posted disproportionately higher stress/LLP in 1Q, and indicated guiding on incremental LLP after assessing the asset quality...

Emkay

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