The Spandana Sphoorty Financial stock fell 4.11 per cent on the BSE on Tuesday to end at Rs 768.
The Hyderabad-based microlender announced a profit after tax of Rs 119 crore in the first quarter of the current financial year ended June 30, 2023. In the corresponding quarter of the previous fiscal, Spandana incurred a loss of Rs 220 crore as it wrote-off Rs 702 crore of portfolio.
“Our focused efforts during FY23 resulted in an improvement in asset quality, with GNPA improving from 18.7 per cent at the end of FY22 to 1.63 per cent at the end of Q1FY24,’’ Shalabh Saxena, CEO and Managing Director, Spandana Sphoorty said.
The company was “well placed’‘ to deliver Vision 2025, which includes a micro finance portfolio of Rs 15,000 crore, and Housing & Nano MSME loans of more than Rs 2,000 crore, he added.
The MFI is now expanding its physical presence across the states and is in the process of extending the LAP (Loan Against Property) and housing product to new geographies.