Hot Pursuit     31-Oct-23
Spandana Sphoorty Q2 PAT up 127% YoY to Rs 125 crore; NIM at 14.1%
Spandana Sphoorty Financial has reported 127% jump in consolidated net profit to Rs 125 crore in Q2 FY24 from Rs 55 crore in Q2 FY23.

Total income from operations increased by 105% year-over-year to Rs 610 crore during the period under review. Net interest margin for Q2 FY24 was 14.1% as compared with 13% in Q2 FY23.

Total expenses rose by 42% to Rs 155 crore in Q2 FY24 over Q2 FY23, due to higher employee expenses (up 56% YoY) and higher other expenses (up 11% YoY).

Pre-provision operating profit (PPOP) for the second quarter was Rs 258 crore (up 134% YoY).

Impairment on financial instruments and other provisions was Rs 90 crore in Q2 FY24 as against Rs 26 crore in the same period last year.

Profit before tax in Q2 FY24 stood at Rs 168 crore, up by 99% from Rs 26 crore in Q2 FY23.

Shalabh Saxena, CEO and managing director, stated, “During the quarter our AUM grew 69% YoY to Rs 9,784 crore with disbursements at Rs 2,513 crore which was a growth of 81% YoY. We added 3.5 lakh new borrowers taking our total borrower count to 27 Lakhs, a growth of 24%.

All the financial parameters showed a positive trend with PAT increasing 127% to Rs 125 crore, GNPA and NNPA further improving to 1.40% and 0.42% respectively from 1.63% and 0.49% respectively at the end of Q1 FY24.

Asides, we have added 292 branches during the calendar year, taking the count of operational branches to 1,407. We will be operationalizing additional 110 branches in the next 3 months, thus taking the branch strength to over 1,500.

During the quarter, we soft launched Nano enterprise loans for shopkeepers & retailers on the back of Loan Against Property which we launched in Q1. We have seen good demand for these products and we will scale up these business lines as we progress.”

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 offers income generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas.

The scrip fell 1.09% to currently trade at Rs 900.10 on the BSE.

Previous News
  Spandana Sphoorty Financial announces board meeting date
 ( Corporate News - 06-Feb-24   15:45 )
  Spandana Sphoorty Financial consolidated net profit rises 78.49% in the December 2023 quarter
 ( Results - Announcements 22-Jan-24   17:13 )
  ICRA revises outlook on credit ratings of Spandana Sphoorty to 'positive'
 ( Hot Pursuit - 17-Jan-24   11:31 )
  Spandana Sphoorty Financial to raise Rs 100 cr via NCD issuance
 ( Corporate News - 16-Jan-24   19:19 )
  Spandana Sphoorty Financial receives ratings action from ICRA
 ( Corporate News - 16-Jan-24   19:14 )
  Spandana Sphoorty Financial to conduct board meeting
 ( Corporate News - 12-Jan-24   12:33 )
  Spandana Sphoorty Financial to convene board meeting
 ( Corporate News - 10-Jan-24   10:15 )
  Spandana Sphoorty Financial allots 21,280 equity shares under ESOP
 ( Corporate News - 28-Dec-23   16:25 )
  Spandana Sphoorty Financial allots NCDs aggregating Rs 100 cr
 ( Corporate News - 18-Dec-23   13:37 )
  Spandana Sphoorty Financial approves NCD issuance up to Rs 200 cr
 ( Corporate News - 13-Dec-23   11:44 )
  Spandana Sphoorty Financial allots 41,220 equity shares under ESOS
 ( Corporate News - 09-Dec-23   12:15 )
Other Stories
  Zee Entertainment Enterprises Ltd leads losers in 'A' group
  21-Feb-24   15:00
  Palash Securities Ltd leads losers in 'B' group
  21-Feb-24   14:45
  Volumes spurt at Campus Activewear Ltd counter
  21-Feb-24   14:30
  Patel Engg JV emerges as L-1 bidder for Rs 525-cr project
  21-Feb-24   14:06
  Utilties shares fall
  21-Feb-24   14:00
  Information Technology stocks edge lower
  21-Feb-24   14:00
  Power stocks slide
  21-Feb-24   14:00
  CRISIL upgrades ratings of IRM Energy to 'AA-' with 'stable' outlook
  21-Feb-24   13:08
  State Bank of India spurts 2.17%, up for third straight session
  21-Feb-24   13:05
  Tata Power to supply green power to BluSmart
  21-Feb-24   12:41
Back Top