Don’t miss the latest developments in business and finance.
Home / Companies / Results / Spandana Sphoorty posts consolidated net profit of Rs 45.1 cr in Q3FY22
Spandana Sphoorty posts consolidated net profit of Rs 45.1 cr in Q3FY22
The income from operations of Spandana Sphoorty Financial on a consolidated basis, in the reporting quarter, rose marginally to Rs 346.1 crore compared to Rs 337.9 crore in Q3FY21.
Micro Finance Institution (MFI) Spandana Sphoorty Financial Ltd has posted a consolidated net profit of Rs 45.1 crore in the third quarter (Q3FY22) as against a loss of Rs 29.7 crore in the year ago period. It had also reported a loss of Rs 58.7 crore in the second quarter ended (Q2FY22).
The income from operations, on a consolidated basis, in the reporting quarter, rose marginally to Rs 346.1 crore compared to Rs 337.9 crore in Q3FY21.
The company's stock was trading 0.74 per cent lower at Rs 404.4 per share on BSE.
Troubled MFI provisions and write-offs related to Covid-19 and others fell to Rs 103.1 crore in Q3FY22 from Rs 199.7 crore in Q3FY22 and Rs 137.9 crore in Q2FY22.
It has restructured personal loans of 0.43 million accounts with exposure worth Rs 1,227 crore under the Reserve Bank of India’s regulatory package announced in May 2021 to support those affected by the second wave of the Covid-19 pandemic, according to the result statement.
The company's gross non-performing assets (NPAs) stood at 5.65 per cent and net NPAs at 2.83 per cent at the end of December 2021. The provision coverage ratio was 49.97 per cent.
Its assets under management (AUM) stood at Rs 6,695 crore at end of December 2021. The company’s business faced disruption after its founder and erstwhile managing director Padmaja Reddy resigned on November 02, 2021. The company has focussed efforts on collection and recoveries.
The company has received a board approval to raise Rs. 300 crore through preferential allotment of shares and warrants to support future growth plans. Kedaara Capital company’s existing promoter shareholder, and Valiant, long term shareholder will subscribe to shares in the preferential allotment, the company said.
To read the full story, Subscribe Now at just Rs 249 a month