Spandana Sphoorty Financial reported a consolidated Q2 profit of Rs 18 crore, reversing a Rs 249 crore loss from last year. Assets under management grew 31% to Rs 5,364 crore by the end of September. The company also showed better asset quality as both gross and net NPAs fell significantly.
Spandana Sphoorty Financial reported consolidated Q2 profit of Rs 18 crore, reversing a Rs 249 crore year-ago loss. Assets under management grew 31% to Rs 5,364 crore, while improving asset quality reduced gross and net NPAs.
Microfinance company Spandana Sphoorty Financial reported a consolidated net profit of Rs 18 crore for the second quarter of the fiscal as compared with Rs 12 crore in the first quarter and a Rs 249 crore loss in the year-ago period.
The standalone net profit for the quarter under review, which reflects the earnings from microfinance operation, stood at Rs 35 crore against Rs 218 crore loss in the corresponding period last year.
The consolidated pre-provision operating profit stood at Rs 79 crore against a Rs 40 crore loss in the year-ago quarter.
The asset under management for the group grew 31% year-on-year to Rs 5364 crore at the end of September. The gross non-performing assets ratio improved to 2.54% from 5.62% a year prior. Net NPA stood at 0.50% against 1.17% over the same period, with a provision coverage ratio being maintained at around 80% at the end of the reporting cycle.