Whalesbook
Yaar, Fusion Finance ne toh kamaal hi kar diya! Pichhle saal losses mein thi company, par ab Q3 FY26 mein ₹14.05 crore ka Profit After Tax (PAT) report kiya hai. Yeh pichhle quarter ke ₹22.14 crore ke loss aur last year ke ₹719.32 crore ke loss se bilkul alag picture hai. Plus, auditor ne 'Going Concern' wala tension bhi report se hata diya hai, jo ek bohot hi positive sign hai.
📉 Numbers Kya Kehte Hain?
Chalo, numbers ko thoda detail mein dekhte hain. Total Income Q3 FY26 mein ₹424.10 crore rahi, jo pichhle quarter se 1.99% kam aur pichhle saal se 12.11% kam hai. Lekin yahan ek bada positive hai: Pre-Provision Operating Profit (PPOP) ₹93.57 crore tak pahunch gaya, jo pichhle quarter se 5.12% aur pichhle saal se 44.47% zyada hai. Net Interest Income (NII) mein 4.38% ka dip tha QoQ, par YoY 5.89% badha hai. Sabse zabardast baat? Net Interest Margin (NIM) badhkar 11.32% ho gaya hai, jo Q2 FY26 ke 10.85% aur Q3 FY25 ke 8.86% se kaafi improve hua hai. Iska matlab hai ki company apne loans par ab achha yield kama rahi hai.
📈 Business Growth Aur Assets
Ab asset quality aur business growth ki taraf dekhte hain. Loan disbursements mein toh poori toofani tezi dikhi hai, 23% badhkar ₹1,594 crore ho gaye hain. Ye pichhle 5 quarters mein sabse best performance hai, matlab company ka business phir se track par aa raha hai. Credit costs ko bhi control kiya hai, ₹79 crore rahe jo pichhle quarter ke ₹111 crore se kam hain. Lekin, Asset Under Management (AUM) mein 2.30% QoQ aur 35.13% YoY ka dip aaya hai, jo ab ₹6,875.84 crore par aa gaya hai. Gross NPAs thoda sudhre hain (4.38% se 4.61% QoQ), aur Net NPAs bhi 0.63% par control mein hain.
🚩 Bade Risks Aur Auditor Ka Point
Ab aate hain sabse bade tension par - loan covenants! Company ke paas ₹1,026.22 crore ke borrowings hain jahan financial covenants breach ho gaye hain. Ye ek bohot bada risk factor hai. Achhi khabar ye hai ki lenders ke ₹1,001.84 crore ke liye extensions mil gaye hain, par baaki lenders ke saath abhi baat chal rahi hai. Agar ye agreements nahi huye toh company ko turant repayment ka pressure aa sakta hai. Aur ek cheez, auditor report mein yeh bhi mention hai ki pichhle auditors ne credit loss evaluations ke assessment par ek modified conclusion diya tha, jo purane provisioning ko lekar sawal khada karta hai aur jisse investors ko savdhan rehna chahiye.
🚀 Aage Kya?
So, investors ko kya dhyan mein rakhna chahiye? Sabse pehla aur bada risk toh woh covenant breach ka full resolution hai. Agar lenders ne waivers nahi diye toh liquidity ka issue aa sakta hai. AUM ka girna bhi future growth ko lekar chinta ka vishay hai. Auditor ki purani observations, bhale hi pichhle periods ke liye ho, kuch underlying risk assessment challenges ki taraf ishara kar sakti hain. Lekin, loan disbursements ka badhna aur NIM ka sudharna definitely positive signals hain. Company ne 'Going Concern' warning hata di hai, jo ek major relief hai, par debt manage karna aur AUM ko phir se badhana hi asli challenge hoga.
Overall, Fusion Finance ne profit mein waapsi karke investors ko khush kiya hai, par woh loan covenants ka pending issue aur girta hua AUM abhi bhi ek complex risk-reward scenario bana raha hai.