* YoY AUM up by 41%, NII up 59%;
* GNPA down to 1.50%, NNPA at 0.3%
Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its audited financial results for the quarter and year ended March 31, 2024.
Highlights for FY24:
AUM - Rs 11,973 Cr; +41% over FY23 (Rs 8,511 Cr)
New Customer Acquisition – 13.9 Lacs vs 8.8 Lacs in FY23, growth of 59%
Disbursement - Rs 10,688 Cr; +32% over FY23 (Rs 8,125 Cr)
GNPA & NNPA – 1.50% & 0.30%
Income - Rs 2,534 Cr; +72% over FY23 (Rs 1,477 Cr)
Net Interest Income - Rs 1,289 Cr; +59% over FY23 (Rs 810 Cr)
PAT – Rs 501 Cr; +?488 Cr over FY23 (Rs 12 Cr)
Mr. Shalabh Saxena, CEO and Managing Director, while announcing the results stated, “FY24 was second of the three-year Vision 2025 laid out by the management team of Spandana in 2022. Our Customer Acquisition led growth strategy has resulted in a 41% AUM growth with the company delivering highest ever PAT of ?501 Cr, GNPA & NNPA improved to 1.50% and 0.30% respectively in FY24. The growth was driven by customer acquisition of 13.9 Lacs in FY24 taking the active customer base of the company to over 3.3 million.
The team has demonstrated strong capabilities in managing multiple priorities of the organization like branch expansion, improvement in portfolio quality, strengthening processes, governance, and start of new business lines.
While we will continue to sustain the momentum in FY25, we are particularly focused on improving efficiencies and productivity of the distribution. With the progress made thus far and the support of all the stakeholders we are confident of reaching the milestones set for ourselves.”
Highlights for the quarter Q4FY24 and FY2024 are:
AUM – Rs 11,973 Cr a 15% QoQ growth (Rs 10,404 Cr - Q3FY24) and a 41% YoY growth (Rs 8,511 Cr - FY23).
Disbursement & Member Acquisition – Customer acquisition continues to drive growth at Spandana.
13.9 Lac new customers were acquired during FY24 - a growth of 59%. New customer addition during the quarter was 4.4 Lacs registering a QoQ growth of 30%
Disbursement for the year was Rs 10,688 Cr in FY24 vs. Rs 8,125 Cr in FY23, growth of 32%
Q4 FY24 Disbursement of Rs 3,970 Cr QoQ growth 56% and YoY growth of 30%
Asset Quality – Asset book continues to improve.
GNPA – 1.50% (31-Dec-23 – 1.61%); v/s 2.07% as on 31-Mar-23
NNPA – 0.30% (31-Dec-23 – 0.48%); v/s 0.64% as on 31-Mar-23
PCR – Provision Coverage Ratio has been increased to 79.95% (Q3 FY24 – 70.45%);
Collection Efficiency-
Gross Collection Efficiency was at 99.3% for Q4FY24 (99.9% in Q3FY24).
Net collection efficiency for the quarter Q4FY24 was 96.5% (97.2% in Q3FY24)
Borrowings- The year witnessed strong momentum in fund raising.
Rs10,441 Cr was mobilized during the year – up 81% over Rs 5,775 Cr in FY23.
Rs 3,428 Cr funds mobilized in Q4 FY24 a QoQ growth of 50%.
Financial Performance -
Total Income:
Rs 2,534 Cr for FY24 vs. Rs1,477 Cr for FY23 – growth of 72%
Rs 710 Cr in Q4FY24 growth of 8% QoQ & 33% YoY
Net Interest Income:
Rs 1,289 Cr for FY24 vs. Rs 810 Cr for FY23 – growth of 59%
Rs 378 Cr in Q4FY24 QoQ growth of 23% & YoY growth of 41%
Yield:
24.2% for FY24 vs. 20.4% for FY23 – improvement of 383 bps
24.2% (24.1% in Q3FY24) – improvement of 11 bps & 106 bps YoY
Cost of borrowings:
12.2% for FY24 vs. 11.7% in FY23 – increase of 58 bps
11.7% in Q4FY24 decrease of 53 bps QoQ & decrease of 67 bps YoY
Pre-Provision Operating Profit (PPOP):
Rs 953 Cr for FY24 vs. Rs 562 Cr for FY23 – growth of 70%
Rs 266 Cr for Q4FY24 growth of 11% QoQ and 2% YoY
Profit after tax:
PAT for FY24 was Rs 501 Cr vs. Rs 12 Cr reported for FY23 – an increase of Rs 488 Cr.
PAT for the quarter was Rs 129 Cr vs. Rs 127 Cr in Q3FY24. Q4FY24 PAT was higher by 22% YoY compared to Rs 106 Cr reported in Q4FY23.
About Spandana Sphoorty:
Spandana Sphoorty Financial Ltd. is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. The company offers income generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas. Spandana was started as an NGO in 1998 in Guntur, which later converted to an NBFC in 2004. In 2015, it became an NBFC-MFI, licensed by the Reserve Bank of India.
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