Spandana Sphoorty Q4 net up 22% at ₹129 crore
Spandana Sphoorty Financial’s net profit increased by 22 per cent in the fourth quarter ended March 31, 2024, at ₹129 crore compared with ₹106 crore in the corresponding quarter of the previous year.
The total income of the Hyderabad-based NBFC increased by 33 per cent to ₹710 crore, while the net interest income grew 41 percent to ₹378 crore.
ForFY24, income increased 72 per cent to ₹2,534 crore compared with ₹1,477 crore in the previous year.
“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 per cent AUM growth, with the company delivering the highest ever profit after tax of ₹501 crore. GNPA & NNPA improved to 1.50 per cent and 0.30 per cent respectively, in FY24,’’ Shalabh Saxena, CEO and Managing Director, Spandana, said in a release.
The growth was driven by customer acquisitions of 13.9 lakh 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. With the progress made thus far and the support of all the stakeholders, we are confident of reaching the milestones set for ourselves,’’ he added.