InCred Equities - Fusion Finance Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	13,011	16,741	19,688	22,573
Total Non-Interest Income (Rsm)	3,205	3,556	3,798	4,108
Operating Revenue (Rsm)	16,216	20,297	23,486	26,680
Total Provision Charges (Rsm)	(3,649)	(11,432)	(9,115)	(7,144)
Net Profit (Rsm)	5,053	863	3,448	5,230
Core EPS (Rs)	50.27	8.58	34.31	52.03
Core EPS Growth	30%	(83%)	300%	52%
FD Core P/E (x)	2.73	15.97	3.99	2.63
DPS (Rs)
Dividend Yield
BVPS (Rs)	283.4	291.9	326.2	378.3
P/BV (x)	0.48	0.47	0.42	0.36
ROE	19.5%	3.0%	11.1%	14.8%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	13,011	16,741	19,688	22,573
Total Non-Interest Income	3,205	3,556	3,798	4,108
Operating Revenue	16,216	20,297	23,486	26,680
Total Non-Interest Expenses	(5,935)	(7,715)	(9,773)	(12,563)
Pre-provision Operating Profit	10,281	12,582	13,712	14,117
Total Provision Charges	(3,649)	(11,432)	(9,115)	(7,144)
Operating Profit After Provisions	6,633	1,150	4,598	6,973
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	6,633	1,150	4,598	6,973
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,633	1,150	4,598	6,973
Exceptional Items
Pre-tax Profit	6,633	1,150	4,598	6,973
Taxation	(1,580)	(288)	(1,149)	(1,743)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	5,053	863	3,448	5,230
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	5,053	863	3,448	5,230

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	99,479	121,169	144,801	169,546
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	99,479	121,169	144,801	169,546
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	99,479	121,169	144,801	169,546
Intangible Assets
Other Non-Interest Earning Assets	1,592	2,069	2,690	3,497
Total Non-Interest Earning Assets	1,816	2,349	3,026	3,900
Cash And Marketable Securities	15,532	12,946	13,109	18,041
Long-term Investments
Total Assets
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	86,159	100,473	120,024	143,538
Total Interest-Bearing Liabilities	86,159	100,473	120,024	143,538
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,103	6,647	8,120	9,927
Total Liabilities	89,262	107,120	128,144	153,465
Shareholders Equity	28,482	29,344	32,792	38,022
Minority Interests
Total Equity

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	35.9%	28.7%	17.6%	14.7%
Operating Profit Growth	44.3%	22.4%	9.0%	3.0%
Pretax Profit Growth	30%	(83%)	300%	52%
Net Interest To Total Income	80.2%	82.5%	83.8%	84.6%
Cost Of Funds	10.27%	10.10%	9.70%	9.30%
Return On Interest Earning Assets	23.3%	23.7%	22.8%	22.2%
Net Interest Spread	12.98%	13.62%	13.15%	12.86%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	35%	91%	66%	51%
Interest Return On Average Assets
Effective Tax Rate	23.8%	25.0%	25.0%	25.0%
Net Dividend Payout Ratio
Return On Average Assets

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

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Market Data

Source: Bloomberg

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets
Avg Liquid Assets/Avg IEAs	114.6%	112.9%	109.8%	109.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets