Mumbai, Feb. 22 -- ICRA stated that the rating action factors in the continued deterioration in Fusion Finance Limited's (Fusion) asset quality and earnings profile.

The company's gross stage 3 assets increased to 12.6% as of December 2024 from 9.4% as of September 2024 (2.9% as of March 2024) amid industry-wide stress in the asset quality.

Consequently, the earnings profile was adversely impacted and Fusion continued to report losses for the third consecutive quarter.

It reported a net loss of Rs. 719 crore in Q3 FY2025, a sharp increase from the losses of Rs 305 crore and Rs 36 crore in Q2 FY2025 and Q1 FY2025, respectively, resulting in an aggregate loss of Rs 1,060 crore in 9M FY2025 vis-a-vis a net profit of Rs. 505 crore in FY202...