Hot Pursuit     30-Apr-24
Spandana Sphoorty records 22% YoY growth in Q4 PAT; AUM at Rs 11,973 crore
Spandana Sphoorty Financial has reported 22% rise in consolidated net profit to Rs 129 crore on an 8% increase in total income to Rs 710 crore in Q4 FY24 as compared with Q4 FY23.

Net Interest Income (NII) rose by 41% YoY to Rs 378 crore in Q4 FY24. Yields improved by 106 basis points to 24.2% while the cost of borrowings declined by 67% basis points to 11.7% in Q4 FY24 over Q4 FY23.

Total expenses jumped by 15% YoY to Rs 194 crore in Q4 FY24, due to higher employee expenses (up 65% YoY) and higher other expenses (up 36% YoY).

The NBFC-MFI’s pre-provision operating profit (PPOP) for the period under review was Rs 266 crore, up 2% YoY.

Impairment on financial instruments in the fourth quarter of FY24 amounted to Rs 94 crore, down 23% YoY.

Profit before tax in Q4 FY24 stood at Rs 172 crore, up by 24% from Rs 139 crore in Q4 FY23.

New customer addition during the quarter was 4.4 Lacs registering a QoQ growth of 30%. Disbursement for Q4 FY24 added up to Rs 3,970 crore, thereby recording a growth of 30% YoY. Gross collection efficiency was at 99.3% for Q4 FY24 as against 99.9% in Q3FY24.

GNPA ratio was on 31 March 2024 was 1.50% as against 2.07% as on 31 March 2023 and 1.61% as on 31 December 2023.

NNPA ratio was on 31 March 2024 was 0.30% as against 0.64% as on 31 March 2023 and 0.48% as on 31 December 2023.

Provision Coverage Ratio increased to 79.95% in Q4 FY24 from 70.45% in Q3 FY24.

For FY24, Spandana Sphoorty recorded net profit and total income of Rs 501 crore (up 488% YoY) and Rs 2,534 crore (up 72% YoY), respectively.

AUM as on 31 March 2024 was Rs 11,973 crore, up by 41% from Rs 8,511 crore as on 31 March 2023.

Shalabh Saxena, CEO and managing director, said: “Our Customer Acquisition led growth strategy has resulted in a 41% AUM growth with the company delivering highest ever PAT of ₹501 Cr, GNPA & NNPA improved to 1.50% and 0.30% respectively in FY24.

The growth was driven by customer acquisition of 13.9 Lacs in FY24 taking the active customer base of the company to over 3.3 million.

While we will continue to sustain the momentum in FY25, we are particularly focused on improving efficiencies and productivity of the distribution.”

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 rose 0.30% to currently trade at Rs 880 on the BSE.

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