Shares of Fusion Micro rallied 3 percent on April 11 on the back of a robust 37 percent on-year growth in assets under management (AUM). At 12:24pm, the stock was trading 1.23 percent higher at 409.35 on the NSE.
The company in a recent business update filing with the regulator stated that its AUM increased to Rs 9,296 crore, whereas borrowers recorded a 29 percent growth at 3.5 million as on March 31, 2023, as against 2.7 million as on March 31, 2022. The company further disclosed that it has ample liquidity, and its disbursements surged 39 percent on-year to Rs 8,596 crore in 2022-23 as against Rs 6180 crore a year back.
Geographical reach of the company expanded by entering two more states in 2022-23, taking the company's presence across 20 states. Total number of branches grew 16 percent YoY to 1,086 as on March 31, 2023 as compared with 934 branches a year back.
Brokerage Targets
JM Financial has a 'buy' call on Fusion Micro Finance with a target price of Rs 570 on the back of robust growth, whereas ICICI Securities kept a 'buy' call with a target price of Rs 600 on the back of healthy growth of 28 percent in assets under management.
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