Spandana Sphoorty posts loss of Rs 58.8 crore for September quarter

Troubled micro-finance company Spandana Sphoorty Financial suffered a loss of Rs 58.87 crore in September quarter (Q2FY22) on sharp rise in impairments and other provisions.

It had posted a net profit of Rs 62.95 crore in Q2FY21. In Q1FY22, it had booked a profit of Rs 47.52 crore.

The impairment on financial instruments and other provisions rose sharply to Rs 228.96 crore in Q2FY22 from Rs 121.90 crore in Q2FY21. The burden for impairments was also higher compared to Rs 152.38 crore in Q1FY22.

Its stock closed five per cent lower at Rs 414.8 per share on the BSE. Its total income in Q2FY22 was Rs 372.59 crore, slightly higher than Rs 346.06 crore in Q2FY21.