Spandana AUM grows 52% YoY to ₹10,404 Crore, PAT grows 79% to ₹127 Cr, Income up by 75%

Hyderabad: Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its unaudited financial results for the quarter ended Dec 31, 2023 today.

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Highlights for Q3 FY24:

• AUM                                                – ₹10,404 Cr; +52% over Q3FY23 (₹6,852 Cr)
• New Customer Acquisition          – 3.4 Lacs vs Q3 FY23 – 2.2 L, YoY growth 56%;
• Disbursement                                – ₹2,543 Cr; +8% over Q3FY23 (₹2,361 Cr)
• GNPA & NNPA                                – 1.61% & 0.48%
• Income                                           – ₹657 Cr; +75% over Q3FY23 (₹375 Cr)
• PAT                                                   – ₹127 Cr; +79% over Q3FY23 (₹71 Cr)

Mr. Shalabh Saxena, CEO and Managing Director, while announcing the results stated, “Q3FY24 was a quarter where Spandana crossed a milestone by reaching ₹10,404 Cr AUM. Asides the PAT for 9 months ended December 2023 was an all-time high of ₹372 Crore in the history of Spandana surpassing the full year profits of previous years.

End of the quarter we reached a borrower base of ~3 million while still maintaining good portfolio quality with GNPA at 1.61% & NNPA at 0.48%. We continue to execute on our strategy of customer acquisition led growth as reflected in the healthy addition of about 3.4 L borrowers during the quarter thus taking the customer acquisition for this year to 9.5 Lac customers. Income was up 75% YOY to ₹657 Cr while PAT at ₹127 Cr for the quarter has seen an increase of 79% YoY.

Micro finance business presents a good opportunity for pan India players and as an established player we are cautiously optimistic about our progress in the current year. Both our Distribution & Liability franchisee is shaping well and we are taking the right steps to strengthen the organization for robust growth in the coming quarters.”

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Highlights for the Quarter 3, FY2024 are:

1. AUM – ₹10,404 Cr a 52% growth over Q3FY23 (₹6,852 Cr) and 6% growth over Q2FY24 (₹9,784 Cr).
2. Disbursement & New Customer Acquisition –
   1. New customer addition during the quarter was 3.4 Lacs (Q3 FY23 – 2.2 L) a YoY growth of 56%
   2. The borrower count at the end of quarter was about 29.6 L a growth of 32% over Q3FY23 (~22.4 L) 
   3. Disbursement was ₹2,543 Cr (Q3 FY23 – ₹2,361 Cr), YoY growth 8%. 
3. Borrowings-
   1. ₹2,279 Cr was mobilized in Q3 FY24 v/s ₹2,104 Cr in Q3FY23, a growth of 8%
   2. Outlook of Spandana’s Credit Rating with ICRA was changed to Positive with the rating now A (Positive) from A (Stable) earlier.
   3. Spandana’s subsidiary, Criss Financials Ltd’s rating was upgraded to A- (Positive) by ICRA from A (Stable) earlier.
   4. Cash and bank balances amounted to ₹1,669 Cr at the end of Q3FY24
4. Asset Quality –
   1. GNPA – 1.61% (5.31% as on Q3 FY23)
   2. NNPA – 0.48% (2.52% as on Q3 FY23)
   3. Provision Coverage Ratio is 70.45%
5. Collection Efficiency-
   1. Net collection efficiency was at 97.2% & Gross Collection Efficiency at 99.9%
6. Financial Performance YoY-
   1. Income: ₹657 Cr (₹375 Cr in Q3FY23) – growth of 75% YoY
   2. Net income: ₹407 Cr (₹254 Cr in Q3FY23) – growth of 60% YoY
   3. Pre-Provision Operating Profit (PPOP): ₹240 Cr (₹141 Cr in Q3FY23) – growth of 71%
   4. Profit after tax: ₹127 Cr (₹71 Cr – Q3FY23) – growth of 79%
   5. CRAR at the end of December 2023 was 35% indicating a healthy capital position.

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About Spandana Sphoorty:

Spandana Sphoorty Financial Ltd. is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. The company offers income generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas. Spandana was started as an NGO in 1998 in Guntur, which later converted to an NBFC in 2004. In 2015, it became an NBFC-MFI, licensed by the Reserve Bank of India.

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