The announcement was made after market hours yesterday.

Spandana Sphoorty Financial is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India.

The company reported consolidated net profit of Rs 119.45 crore in Q1 FY24 as against net loss of Rs 219.77 crore in Q1 FY23. Total income jumped 103.7% YoY to Rs 527.29 crore in the quarter ended 30 June 2023.

Shares of Spandana Sphoorty Financial slipped 2.03% to Rs 764.15 on the BSE.