Spandana Sphoorty Financial’s net profit increased 79 per cent at ₹127 crore in the third quarter ended December 2023 as against ₹71 crore in the corresponding quarter of the previous financial year.
The revenue grew by 75 per cent at ₹657 crore as against ₹375 crore in the year-ago period while disbursements increased 8 per cent to Rs 2553 crore.
“Q3FY24 was a quarter where Spandana crossed a milestone by reaching ₹10,404 crore AUM. Asides the PAT for 9 months ended December 2023 was an all-time high of Rs 372 Crore in the history of Spandana surpassing the full year profits of previous years,’‘ Shalabh Saxena, CEO and Managing Director Spandana said in a release.
At the end of the quarter under review, the Hyderabad-based MFI reached a borrower base of about 3 million while still maintaining portfolio quality with GNPA at 1.61 per cent and NNPA at 0.48 per cent.
“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 lakh customers,’‘ Saxena said adding that company was `cautiously optimistic’ about its progress in the current year.