Fusion Finance to make higher ECL provisioning, launches CEO search; shares tank 10%
Fusion Finance expects an increase in its Estimated Credit Loss (ECL) provisioning to Rs 500 crore — Rs 550 crore in Q2FY25, compared to Rs 348 crore in Q1FY25, the micro finance institution disclosed in a stock exchange filing. The company also announced a leadership change with plans to appoint a new CEO.
Following the announcement, Fusion Finance’s shares fell 10% on BSE, when the benchmark index gained 0.20% at 1 pm.
However, the final provision will be confirmed with the Q2FY25 results, pending a statutory audit review.
The company’s management have tightened credit standards, included stricter lending criteria and has been focusing on collection efforts with new hires and field infrastructure.
Moreover, Fusion Finance is preparing for a leadership transition, as the company will begin a search for a new CEO. Current MD and CEO, Devesh Sachdev, plans to step down but will remain as MD temporarily before moving to Chairman role. The Nomination & Remuneration Committee has begun the search for a successor.
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