Spandana Sphoorty Financial’s consolidated net profit jumped 21.69 percent to Rs 128.66 crore in the quarter ended March 31 compared to Rs 105.55 crore in the year-ago period, according to an exchange filing on April 29. The March quarter profit was also higher sequentially as compared to Rs 127.41 crore in the December quarter.
The non-banking financial company and microfinance lender (NBFC-MFI) also reported its highest-ever net profit for FY24 at Rs 500.72 crore, a jump of close to 4,000 percent from Rs 12.39 crore in the previous financial year.
The lender’s gross non-performing assets improved to 1.5 percent in the reported quarter from 1.61 percent in the December quarter and 2.07 percent in Q4FY23. It’s net interest income for the quarter grew 41 percent year-on year to Rs 378 crore, while the total income jumped 33 percent YoY to Rs 710 crore, according to the filing.
According to the firm, close to 1.4 million new customers were acquired in FY24, which was 59 percent higher compared to the previous year. In the March quarter, 440,000 new customers were registered, a sequential growth of 30 percent.
The assets under management stood at Rs 11,973 crore on March 31, which was higher by 15 percent quarter-on-quarter and up by 41 percent YoY.
Shalabh Saxena, CEO and managing director, said: “The team has demonstrated strong capabilities in managing multiple priorities of the organization like branch expansion, improvement in portfolio quality, strengthening processes, governance, and start of new business lines.While we will continue to sustain the momentum in FY25, we are particularly focused on improving efficiencies and productivity of the distribution. With the progress made thus far and the support of all the stakeholders we are confident of reaching the milestones set for ourselves.”
Spandana Sphoorty Financial Ltd's stock price recorded a marginal decline of 0.35 percent to Rs 877.35 on BSE on April 29.
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