MFI Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22

The company had put disbursements on hold in Q3FY22 after its managing director Padmaja Reddy resigned abruptly last November

After a long “pause” on lending in the third quarter, troubled microfinance institution Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22).

The company had put disbursements on hold in the October-December 2021 period (Q3FY22) after its managing director Padmaja Reddy resigned abruptly in November 2021.

The MFI, backed by private equity investor Kedaara Capital, said in a statement that it has already resumed its regular disbursal activity in January 2022. It has disbursed Rs 30 crore of new loans in the month of February so far.

It posted a net profit of Rs