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CRISIL upgrades Fusion Micro Finance Limited to 'CRISIL A+/Stable'

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Second credit rating improvement given by CRISIL within 11 months

NEW DELHI, Oct. 4, 2023 /PRNewswire/ — Fusion Micro Finance [BSE (BOM: 543652) and NSE (NSE: FUSION)], one of India’s leading NBFC-MFIs, has announced that CRISIL, the Credit Rating Agency, has upgraded its credit rating on the Bank Loan Facilities and Non-Convertible Debentures of Fusion Micro Finance Limited to ‘CRISIL A+/Stable’ from ‘CRISIL A/Stable’. Notably, this is the second upgrade by CRISIL for Fusion Micro Finance Limited in a short span of 11 months. In November 2022, CRISIL had upgraded Fusion Micro Finance Limited to ‘CRISIL A/Stable’ from ‘CRISIL A-/Stable’.

Summary of Rating Action is as below:

  • Total Bank Loan Facilities Rated – Rs. 5000 Crore
  • Long Term Rating – CRISIL A+/Stable (upgraded from CRISIL A / Stable)
  • Rs. 50 Crore Non-Convertible Debentures – CRISIL A+/Stable (upgraded from CRISIL A / Stable)

Commenting on the upgrade, Mr. Devesh Sachdev, Managing Director and CEO, Fusion Micro Finance Ltd, said, “We are delighted with this significant achievement of getting a second upgrade in less than 11 months. It reflects our resilience and strong business model. We remain committed to build upon our strong foundation laid over the years and creating long-term value for all our stakeholders.”

Detailed rationale:

CRISIL’s Ratings has upgraded its long-term rating on the bank facilities and debt instruments of Fusion Micro Finance Limited (Fusion) to ‘CRISIL A+/Stable’ from CRISIL A/Stable.

The rating action takes into consideration the substantial improvement in earnings profile driven by higher net interest margins (NIMs) and controlled credit costs. It also factors in the improvement in scale of operations along with improving asset quality.

In line with revised regulatory framework, the company has enhanced its risk-based pricing by increasing its yields by ~200 to 300 bps during fiscal 2023 leading to expansion in NIMs to 10.5% during the fiscal as against 8.2% the previous year. At the same time, credit costs continue to remain low at 2.2% supported by collection efficiency being consistently over 99% for newer originations done. Benefitting from both improvement in NIMs as well as lower credit costs, overall profitability has improved as reflected in return on managed assets (RoMA) 4.3% for fiscal 2023 (4.5% during Q1 fiscal 2024). The company is expected to sustain improved profitability over the medium term.

The company’s portfolio has seen steady growth with Fusion being among the top 5 MFIs operating in India. The company’s AUM stood at Rs 9,712 crore as of June 2023 (Rs 9,296 crore as of March 2023, Y-o-Y growth of 37%) and is expected to have crossed Rs 10,000 crore by end of September 2023. The company has also maintained equal focus on improving its asset quality along with the growth. As of June 30, 2023, the 90+ dpd improved to 3.2% as against 3.5% as of March 31, 2023 and 5.7% as of March 31, 2022. CRISIL ratings notes that the company didn’t sell any portfolio to ARCs and wrote off Rs 307 crore (3.2% of the portfolio as of June 2023) in last 15 months. Collection efficiency has remained strong with low delinquencies for loans originated in the last 12-18 months. This in-turn has resulted in lower credit costs on incremental basis.

The rating also continues to factor in healthy capital position which continues to strengthen overall credit profile of Fusion. The company was successfully able to raise Rs 600 crore through IPO done in Q3 of fiscal 2023. With this equity raise and substantial improvement in accretions Fusion’s net worth improved to Rs 2,445 crore in June 2023 as compared to Rs 2,322 crore in March 31, 2023 and Rs 1,338 crore in March 2022. Company’s adjusted gearing, which also improved, stood at 3.4 times as on June 30, 2024 as compared to 3.3 times as on March 31, 2023 (4.8 times as on March 31, 2022). Nevertheless, with continuous growth in scale of operations, the ability of the company to maintain adjusted gearing below 4.0 times will remain key rating sensitivity factor.

The rating also reflects experienced leadership and senior management team along with sound risk management/audit processes that are set-up by Fusion. These strengths are partially offset by inherently modest credit risk profile of borrowers, and potential risk from local socio-political issues inherent to the microfinance sector.

About Fusion Micro Finance Limited:

Fusion Micro Finance [BSE (BOM: 543652) and NSE (NSE: FUSION)] founded in 2010, is amongst India’s leading NBFC-MFIs, touching the lives of ~36 lakh rural clients in the country. Fusion Micro Finance was established with the core idea to create opportunities at the bottom of the pyramid by providing financial services to the underserved and unserved women entrepreneurs in rural areas. It is one of the youngest companies to be among the top NBFC MFIs in the country, growing consistently with an extensive network of 1,103 branches spread across 20 states including 3 Union Territories, as of June 2023. Fusion believes in robust business practices and transparent policies as expressed in its customer-centric efforts toward clients and is committed to creating sustained and balanced stakeholder value.

For more information, please visit www.fusionmicrofinance.com 

Cision View original content:https://www.prnewswire.com/in/news-releases/crisil-upgrades-fusion-micro-finance-limited-to-crisil-astable-301946831.html



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Press Release

New Study Reveals Majority of Indians Prioritize Nutrition Over Taste, Surpassing Global Average

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Based on a recent survey of urban Indian consumers: 


  • Nine out of 10 consumers are searching for protein-rich food compared to seven out of 10 global shoppers.


  • The top four qualities consumers look for when buying snacks are (1) natural, (2) heart-healthy, (3) protein-rich and (4) energy-source, all of which come before satisfying cravings.


  • Nuts have emerged as one of the most popular snacking choices, with 86% of Indian shoppers report having purchased them in a span of 6 months.


  • Urban Indians read nutrition labels more than the global average, reflecting a growing trend towards informed purchasing.


  • 69% of urban dwellers surveyed have the opinion that plant-based protein is just as good as meat-based protein, exceeding the global average of 55%.


 


Wonderful Pistachios, the world’s largest grower and processor of pistachios and distributor of California Pistachios in India, released today, World Nutrition Day, the findings of a new global study that sheds light on the snacking habits of urban Indians. The study, commissioned with Material, a leading global research consultancy, included 10 countries and over 12,400 respondents, revealed a new behavioural trend that urban Indian consumers prioritize nutrition over taste when it comes to snacking. This growing preference for healthy snacking emphasizes the importance of good nutrition for overall well-being.


 


For the India market specifically, the study delved into the snacking habits of 2,415 shoppers across six Indian cities, which represented a population of approximately 35.9 million consumers. Remarkably, a majority of urban Indians (58%) reported basing their food purchasing decisions on nutritional benefits more than taste, exceeding the global average of 52%. Delhi and Ahmedabad lead with over 60% of urban shoppers preferring nutrition in their food. Bengaluru and Chennai follow closely, indicating a nationwide shift towards smarter snacking preferences. In India, Millennials and Gen Z are leading the charge in health-conscious purchasing decisions, with more than 83% of consumers in these age groups reading nutritional labels before buying.


 


Indian consumers prioritize four key factors when shopping for nutritional snacks: natural (free of artificial colours and preservatives), heart-healthy, protein-rich, and provides energy. Nine out of 10 urban shoppers consciously seek protein-rich food options, compared to the global average of seven out of 10. The focus on nutrition has fueled the rise of nuts as a preferred snack choice, becoming essential to daily eating habits. The study found a staggering consumption of nuts, with 86% of Indian shoppers report purchasing them in a span of 6 months, compared to just 75% globally. With 6g of protein in per 28g serving, California Pistachios are a smart snack choice that provides benefits without sacrificing taste.


 


Shail Pancholi, Country Director, India, Wonderful Pistachios, commented on the study, saying, “Nuts were traditionally used as garnishes and consumed during festivals, but have now become a popular snack in India, indicating a notable shift in dietary habits. Pistachio consumption in India has doubled in the last six years, as consumer awareness of the nutritional benefits that pistachios offer has grown. Consumers are discovering that pistachios are naturally cholesterol-free, rich in plant-based protein and dietary fiber, and provide over 30 different vitamins and minerals.” 


 


Interestingly, the study found that nuts are the second most preferred snack among urban Indian consumers, with 64% of Baby Boomers and 59% of Gen Z prioritizing nutrition over taste when selecting food. This indicates a growing focus on health across generations, with Baby Boomers focusing on senior wellness and Gen Z reflecting the rise of mindful purchasing. Though on opposite ends of the age spectrum, these two generations take the lead in seeking protein-rich options, as well as preferring natural snacks. 


 


Mumbai tops most of the consideration sets when choosing a snack. Residents opt for natural ingredients (35% vs. the national average of 30%), heart-healthy options (33% vs. 30%), and protein (33% vs. 29%). Chennai residents look for energy-boosting snacks (31% vs. the national average of 29%). 


 


The fact that 69% of urban Indians surveyed have the opinion that that plant-based protein is just as good as meat-based protein reflects a positive shift towards varied dietary preferences. Pistachios are a good source of high-quality complete protein, containing all nine essential amino acids. A 28g serving of pistachios provides 6g of protein, which is 11% of the recommended daily allowance (RDA) according to FSSAI.


 


The Wonderful Pistachios study unveils a compelling shift in Indian snacking habits. Nuts are evolving from festive treats to a daily snacking staple, fueled by a nationwide preference for more nutritious options. The trend transcends generations, resonating with Gen Z and Baby Boomers alike, underscoring the growing importance of mindful eating in urban India. As consumers increasingly seek natural, heart-healthy, protein-rich, and energy-boosting snacks, the future of Indian snacking appears to be firmly rooted in nutrition and well-being.

 


Wonderful Pistachios

Wonderful® Pistachios is the world’s largest grower and processor of pistachios, with a global presence in over 70 countries. As a vertically integrated operation, they are experts in every step of the process from tree to shelf, ensuring the highest-quality product every time. In tandem with its Grower Partners, Wonderful Pistachios harvests 125,000 sunny acres (50,000 hectares) of land in California that receive warm days and cool nights, which work in harmony with the rich, natural soils to create the perfect growing climate for high-quality pistachios. They ship 600 million pounds (204 million kg) of nuts worldwide from their advanced processing facilities to ensure the highest standards are met. When it comes to pistachios, Wonderful® Pistachios expertise is unmatched in scale and capacity, paired with warehouses and sales teams worldwide that are well-equipped to provide support at every step of the way. 


 


California Pistachios

California Pistachios are grown and distributed by The Wonderful Company, the world’s largest vertically integrated pistachio processor and marketer located in California’s Central Valley. California Pistachios are Non-GMO, providing a smart, healthy choice for consumers around the world. Sun-ripened in the moderate Mediterranean climate of California, these distinctively green nuts pack taste and contain antioxidants and over 30 different nutrients. California Pistachios in India are available under leading brands and private labels at retail outlets, grocery stores, and online platforms.


 


For more information about California Pistachios India, please visit www.b2b.wonderfulpistachios.com 


 



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Singapore Prepares Ahead to Leverage Artificial Intelligence for a Better Future

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SINGAPORE, May 31, 2024 /PRNewswire/ — Senior Minister of State for Communications and Information Tan Kiat How launched the Digital Enterprise Blueprint (DEB) at Asia Tech x Singapore (ATxSG) 2024 today. The Blueprint will enable SMEs to harness technology, optimise the way they work, and strengthen digital resilience and cybersecurity across the ecosystem. 50,000 SMEs are expected to benefit over the next five years through four key focus areas:

  1. Empower enterprises to be smarter by adopting AI-enabled solutions
  2. Enable enterprises to scale faster through cloud-based and integrated solutions
  3. Equip enterprises to be safer through improved cyber resilience
  4. Support enterprises to upskill workers to make full use of digital capabilities

Seven partners have come onboard to pledge their commitment, including Singapore Business Federation, Singapore Computer Society, SGTech, Amazon Web Services, Google, Microsoft and Salesforce.

In collaboration with IMDA and the TechSkills Accelerator for ITE and Polytechnics Alliance, SGTech is launching the Tech Apprenticeship Programme to expand the career pathways of graduates by providing access to industry apprenticeships that offer on-the-job training and development opportunities. Over the next two and a half years, SGTech aims to facilitate the placement of at least 300 apprentices who are fresh or mid-career professionals from polytechnic or ITE backgrounds, and drive the adoption of similar practices that promote more inclusive hiring and career agility.

IMDA and the Singapore Academy of Law (SAL) signed an MoU aimed at uplifting the legal sector’s productivity through the use of GenAI. As part of this partnership, GPT-Legal, a new large language model which is contextualised for Singapore’s legal sector, will be co-developed. The model will be integrated into SAL’s research platform LawNet, which is accessible by 75% of Singapore’s lawyers. SAL will also be penning an MoU with the National University of Singapore and AI Singapore to develop its AI capabilities and create a certification to recognise AI specialists in the legal profession.

Additionally, Tribe and Digital Industry Singapore announced a collaboration with NVIDIA to launch the Ignition AI Accelerator for AI startups to create and bring to market the next wave of advancement in AI solutions. This programme will nurture 15 high-potential startups, equipping them with well-rounded support covering business and technical needs. NVIDIA and Tribe will also collaborate with EnterpriseSG to offer qualified AI startups funding support through the Startup SG Tech scheme, and assist them through the IMDA Accreditation process. 

Singapore hosted the final meeting of the UN Secretary-General’s Artificial Intelligence Advisory Body (AIAB) from 28-29 May. As part of the agenda, Singapore facilitated an engagement session between AIAB and the Digital Forum of Small States (Digital FOSS). Digital FOSS Fellows exchanged views with AIAB members on the topic of AI governance, particularly on the implications and challenges faced by small states. Through such efforts, Singapore aims to promote a more inclusive approach towards shaping global AI and digital governance.

Contact:

[email protected]

 

Cision View original content to download multimedia:https://www.prnewswire.com/in/news-releases/singapore-prepares-ahead-to-leverage-artificial-intelligence-for-a-better-future-302160193.html



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One in Six Globally Concerned About Colorectal Cancer Screening Costs

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SHENZHEN, China, May 31, 2024 /PRNewswire/ — By 2040, the burden of colorectal cancer (CRC) is projected to increase to 3.2 million new cases and 1.6 million deaths per year representing a 66% and 71% rise in new cases and deaths respectively relative to 2020.

To better address the global burden of CRC and reduce its impact, BGI Genomics has launched the second edition of its global CRC awareness report, covering 1,938 respondents from Brazil (306), China (367), Poland (300), Saudi Arabia (300), Thailand (362), and Uruguay (303):  

CRC Screening Gaps Vary Globally: Nearly half (49.3%) of global respondents have never undergone CRC screening, with the highest proportions in Saudi Arabia (62.0%) and Poland (61.0%).

Preference for Fecal Testing Over Colonoscopy: Although colonoscopies are more recognized (33.4%), fecal tests at healthcare facilities are preferred (31.8%), reflecting a trend towards non-invasive methods.

Cost and Fear are Determinants of Screening Choice: Fear of colonoscopy (18.2%) and screening costs (17.7%) are major barriers to CRC screening. Poland (24.7%) and Uruguay (21.0%) show the highest fear of colonoscopy, while Thailand (24.5%) and Brazil (20%) indicate the most concern about costs.

Medical Advice and Family History Drive CRC Screening: Doctor’s recommendations are a major driver for CRC screening (30.5% globally), with Uruguay showing the highest adherence (44.1%). Additionally, those with a family history of CRC are more proactive in screening (64.5%), compared to the general population (35.0%).

Prof. Varut Lohsiriwat from Mahidol University offers his insights to this report. He suggested: “The essence of effective cancer screening lies in the acceptance and adherence of the patient to the screening method. The best screening method is the one that the patient accepts and adheres to because that’s the method that will actually benefit them.”

Dr. Zhu Shida, BGI Genomics Deputy GM, notes: “At BGI Genomics, we focused our efforts on developing advanced molecular biology testing techniques to close the gap [between acceptance and accessibility]. The ultimate goal is to transform colorectal cancer from a life-threatening disease into a manageable condition through widespread, early screening and intervention.”

For more region-level comparisons, access the full BGI Genomics 2024 State of CRC Awareness Report.

All data involved in this report come from the results of an online survey project conducted by BGI Genomics. It only surveys awareness related to colorectal cancer and does not involve personally identifiable data.

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Cision View original content:https://www.prnewswire.co.uk/news-releases/one-in-six-globally-concerned-about-colorectal-cancer-screening-costs-302159170.html



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