Fusion Micro Finance reported multifold jump in Q2 profit at Rs 95 crore

Fusion Micro Finance has reported a multi-fold jump in net profit to Rs 95 crore for the second quarter ended September 30, mainly driven by higher interest income.

The recently listed microfinance entity had posted a net profit of Rs 3.2 crore in the same quarter a year ago.

This is the first quarterly number published by the company after it was listed on the stock exchanges on November 15.

Its total income increased by 69.34 per cent to Rs 452.3 crore in the second quarter against Rs 267.1 crore in the year-ago period, Fusion Micro Finance said in a statement on Tuesday.

The net interest income (NII) doubled to Rs 241 crore from Rs 110.4 crore in the same quarter of the previous financial year.

Its asset under management (AUM) grew 54.46 per cent to Rs 8,047.1 crore compared to Rs 5,209.7 at the end of September 2021.

"Profit After Tax (PAT) increased by 2,860.35 per cent year-on-year from Rs 32.11 million to Rs 950.57 million, delivering the highest quarterly PAT till date," Fusion Micro Finance CEO Devesh Sachdev said.

The capital adequacy ratio of the firm stood at 20.97 per cent at the end of September 30, 2022.