Spandana Sphoorty hit an upper circuit of 5% at Rs 535 after the microfinance lender reported a 12.7% rise in net profit to Rs 83.04 crore on 63.8% rise in total income to Rs 439.77 crore in Q4 March 2020 over Q4 March 2019.
Consolidated profit before tax stood at Rs 108.47 crore in Q4 March 2020, rising 0.6% from Rs 107.78 crore in Q4 March 2019. Income tax expense declined 28.36% to Rs 24.43 crore in Q4 March 2020 from Rs 34.10 crore in Q4 March 2019.
After assessing the impact of the COVID-19 pandemic on its liquidity and ability to fulfill its obligations, the company made a provision and write offs of Rs 129 crore in Q4 March 2020. Total impairment on financial instruments stood at Rs 188.11 crore in Q4 March 2020, higher than Rs 21.15 crore in Q4 March 2019.
Net interest income stood at Rs 263 crore in Q4 March 2020, jumping 56% from Rs 168 crore in the year ago period. Net interest margin improved to 16.6% in Q4 March 2020 from 15.9% in Q4 March 2019. The firm recorded a 67% jump in disbursement to Rs 2324 crore in Q4 March 2020 from Rs 1390 crore in Q4 March 2019. Total Assets Under Management (AUM) stood at Rs 6,829 crore in March 2020, rising by 74% from Rs 4372 crore in March 2019.
Spandana Sphoorty extended its winning run to sixth consecutive trading session and was locked in an upper circuit of second straight day. The counter has advanced 25.7% in six days from its previous closing low of Rs 425.5 on 26 May 2020.
Spandana Sphoorty is a fourth largest non-banking financial company – micro finance institution (NBFC-MFI) and the sixth largest amongst NBFC-MFIs and SFBs (small finance banks) in India in terms of AUM with a geographically diversified presence in India.
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