Spandana Sphoorty reports PAT of Rs 55 cr in Q2

Spandana Sphoorty Financial reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22.

Total income declined 21.7% YoY to Rs 310.15 crore during the quarter ended 30 September 2022.

Profit before tax in Q2 FY23 stood at Rs 84.29 crore as compared with a pre-tax loss of Rs 71.50 crore posted in Q2 FY22.

During Q2 FY23, Gross collection efficiency (including arrears) was at 101.3% and net collection efficiency was at 93.3%. The GNPA stood at 7.47% and NNPA was at 3.96 %. The total provision was Rs 303 crore comprising 5.23 % of the AUM.

Shalabh Saxena, managing director & CEO said: The Lenders confidence, Disbursement, Member Acquisition, Portfolio Quality are moving as per plan and in the right direction. We also continue to make progress on various Technology, Process, Risk, Audit & Control measures by strengthening them. Given the trajectory of growth that is required, we are planning to add substantial resources in the branches so that we are prepared for the scale up in the coming quarters.

Saxena further added, Spandana has a great distribution and a very good team of Branch staff in the field and in the Head Office. We are proud of our team and like in the past, we are confident that they will build a solid growth story onwards to Vision 2025 as articulated beginning of the year.

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 scrip rose 0.68% to currently trade at Rs 611 on the BSE.

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