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Business Economy

Spandana’s Q4FY24 net profit rises 22 pc to Rs 129 cr

Hyderabad, April 30 (UNI) Spandana Sphoorty Financial Limited (“Spandana”), a rural-focused non-banking financial company and a microfinance lender, posted a 22 percent increase in net profit to Rs 129 crore for the quarter that ended March 31, 2024, as against Rs 106 crore in the corresponding quarter in the previous year.
However, for the full year, the company reported the highest-ever PAT of Rs 501 crore, as against Rs 12 crore in FY23.
During the year, new customer acquisition stood at 13.9 lakhs against 8.8 lakh customers in the previous year, registering a growth of 59 percent, the company said in a release here on Tuesday.
Loan disbursement increased by 32 percent to Rs 10,688 crore in FY24 as against ₹8,125 crores in the previous year, while the gross NPA and net NPA were 1.50 percent and 0.30 percent, respectively, in FY24.
The company’s income rose 72 percent to Rs 2,534 crore in FY24 as against Rs 1,477 crore in the previous year.
Shalabh Saxena, CEO and Managing Director, while announcing the results, stated, “FY24 was the 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 41 percent AUM growth, with the company delivering the highest-ever PAT of ₹501 crore in FY24. The growth was driven by customer acquisitions of 13.9 lacs in FY24, taking the active customer base of the company to over 3.3 million.
While we will continue to sustain the momentum in FY25, we are particularly focused on improving the efficiencies and productivity of the distribution, he added.
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