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With improving macro, valuation of this microfinance NBFC is set to re-rate

Spandana’s profitability in the past couple of years has been healthy, supported by its tight control on operating expenses and low credit costs

December 14, 2020 / 01:03 PM IST
With improving macro, valuation of this microfinance NBFC is set to re-rate

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

The stock price of Spandana Sphoorty (CMP: Rs 731 ; Mcap: Rs 4,700 crore), a non-bank micro lender (NBFC–MFI), has seen a sharp rise of around 17 per cent in the last one month. The rally in the stock price of the third largest NBFC-MFI in terms of assets managed as of September isn’t surprising, given the strong rebound in collection efficiency. Spandana’s monthly collection efficiency plunged to 2.9 per cent in April ’20 following the nationwide lockdown. However, with...

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