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Microlender Spandana Sphoorty Financial on Tuesday reported a 268 per cent jump in its consolidated March quarter net profit to ₹105.55 crore.
The Hyderabad-based company, specialising in rural loans, had posted a post-tax profit of ₹71.36 crore in the preceding December quarter.
For FY23, its post-tax net profit declined to ₹12.31 crore against ₹69.8 crore in the year-ago period. A statement from Spandana Sphoorty said the company had to write off ₹702 crore worth of assets in the first quarter of FY23, which resulted in a massive decline in the profit.
Its managing director and chief executive Shalabh Saxena said the company aims to disburse ₹11,500 crore in loans in FY24 and will be opening 400 new branches as well.
For the reporting quarter, its total income grew to ₹533 crore, up 42 per cent, when compared to the December quarter, while the core net interest income rose to ₹384 crore.
Total AUM
The overall assets under management stood at ₹8,511 crore as of March 31, 2023, against ₹6,581 crore in the year-ago period.
On the asset quality front, the lender showed a sharp improvement, with the gross non-performing assets ratio coming at 2.07 per cent against 18.7 per cent in the year-ago period.
The Spandana scrip closed 6.14 per cent up at ₹632.15 apiece on the BSE on Tuesday ahead of the announcement of results.
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