Spandana Q1 Results: Net profit jumps to ₹119 crore; NII up by 102%

Spandana Sphoorty Financial Limited released its April to June quarter results on Monday. The Profit After Tax (PAT) of the company reached ₹119 crore year-on-year against a loss of ₹220 crore during the corresponding quarter last fiscal year. The net interest income (NII) of the company touched 102% and the assets under management (AUM) grew 60% to ₹8,848 crore during the period under review.

The total income of Spandana Sphoorty Financial Limited jumped 104% (YoY) to ₹527 crore during Q1FY24 from ₹259 crore during the same quarter in the previous fiscal. The NIM of the portfolio is a 14.2% improvement of 434 bps over Q1 of the previous year.

Asset Quality

The asset book of Spandana continues to improve with its current book at 97.1%. The Gross Non-Performing Assets (GNPA) improved to 1.63% from 6.69% during Q1FY23. The Net Non-Performing Assets (NNPA) stood at 0.49% during Q1FY24 down from 3.24% during the corresponding quarter last fiscal year. 

Check TVS Motor Q1 Results here 

“Last year we wrote-off ₹702 Crores of portfolio in Q1FY23 resulting in net loss of ₹220 Cr for the quarter. Our focused efforts during FY23 resulted in an improvement in asset quality with GNPA improving from 18.7% end of FY22 to 1.63% at the end of Q1FY24. The progress over the last 4 quarters has yielded decent results both on the Quality & Growth perspective," said Shalabh Saxena, the CEO and MD of Spandana. 

"We thank our teams and all the stakeholders for their support during the period and are confident that as a team we are well placed to deliver the goals of Vision 2025 which is ₹15,000 Cr of Micro Finance portfolio and upwards of ₹2,000 Cr in the Housing & Nano MSME loans,” the top official added. 

“With the building blocks in place, we are now expanding our physical presence across the states where we see good potential to be a player with meaningful share of the market. We are taking steps like extending LAP (Loan Against Property) & Housing product to new geographies, refining the distribution model, continuing our focus on governance & most importantly investing in our people. All of these will ensure a robust future proof organization," Shalabh Saxena said.