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

Hyderabad, Jan 22nd, 2024: Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its unaudited financial results for the quarter ended Dec 31, 2023 today.

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.”

Highlights for the Quarter 3, FY2024 are:

AUM – ₹10,404 Cr a 52% growth over Q3FY23 (₹6,852 Cr) and 6% growth over Q2FY24 (₹9,784 Cr).

Disbursement & New Customer Acquisition –

New customer addition during the quarter was 3.4 Lacs (Q3 FY23 – 2.2 L) a YoY growth of 56%

The borrower count at the end of quarter was about 29.6 L a growth of 32% over Q3FY23 (~22.4 L)

Disbursement was ₹2,543 Cr (Q3 FY23 – ₹2,361 Cr), YoY growth 8%.


₹2,279 Cr was mobilized in Q3 FY24 v/s ₹2,104 Cr in Q3FY23, a growth of 8%

Outlook of Spandana’s Credit Rating with ICRA was changed to Positive with the rating now A (Positive) from A (Stable) earlier.

Spandana’s subsidiary, Criss Financials Ltd’s rating was upgraded to A- (Positive) by ICRA from A (Stable) earlier.

Cash and bank balances amounted to ₹1,669 Cr at the end of Q3FY24

Asset Quality –

GNPA – 1.61% (5.31% as on Q3 FY23)

NNPA – 0.48% (2.52% as on Q3 FY23)

Provision Coverage Ratio is 70.45%

Collection Efficiency-

Net collection efficiency was at 97.2% & Gross Collection Efficiency at 99.9%

Financial Performance YoY-

Income: ₹657 Cr (₹375 Cr in Q3FY23) – growth of 75% YoY

Net income: ₹407 Cr (₹254 Cr in Q3FY23) – growth of 60% YoY

Pre-Provision Operating Profit (PPOP): ₹240 Cr (₹141 Cr in Q3FY23) – growth of 71%

Profit after tax: ₹127 Cr (₹71 Cr – Q3FY23) – growth of 79%

CRAR at the end of December 2023 was 35% indicating a healthy capital position

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