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Home Mix Spandana reports highest ever PAT of ₹501 Cr for FY24 YoY AUM up by 41%, NII up 59%; GNPA down to 1.50%, NNPA at 0.3%

Spandana reports highest ever PAT of ₹501 Cr for FY24 YoY AUM up by 41%, NII up 59%; GNPA down to 1.50%, NNPA at 0.3%

Spandana reports highest ever PAT of ₹501 Cr for FY24 YoY AUM up by 41%, NII up 59%; GNPA down to 1.50%, NNPA at 0.3%

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Spandana Sphoorty Financial Limited (NSE: SPANDANA, BSE: 542759) (“Spandana”) announced its audited financial results for the quarter and year ended March 31, 2024 today.

 

Highlights for FY24 include AUM at ₹11,973 Cr, +41% over FY23 (₹8,511 Cr); New Customer Acquisition at 13.9 Lacs vs 8.8 Lacs in FY23, growth of 59%; Disbursement was ₹10,688 Cr, +32% over FY23 (₹8,125 Cr); GNPA & NNPA was 1.50% & 0.30% respectively; Income was ₹2,534 Cr, +72% over FY23 (₹1,477 Cr); Net Interest Income was ₹1,289 Cr, +59% over FY23 (₹810 Cr); and PAT was ₹501 Cr; +₹488 Cr over FY23 (₹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 was ₹11,973 Cr, a 15% QoQ growth (₹10,404 Cr – Q3FY24) and a 41% YoY growth (₹8,511 Cr – FY23).

 

Under 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 ₹10,688 Cr in FY24 vs. ₹8,125 Cr in FY23, growth of 32%. Q4 FY24 Disbursement of ₹3,970 Cr QoQ growth 56% and YoY growth of 30%.

 

Under Asset Quality, Asset book continues to improve. GNPA was 1.50% (31-Dec-23 – 1.61%); v/s 2.07% as on 31-Mar-23. NNPA was 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%).

 

As for 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).

As for Borrowings, the year witnessed strong momentum in fund raising. ₹10,441 Cr was mobilized during the year – up 81% over ₹5,775 Cr in FY23. ₹3,428 Cr funds mobilized in Q4 FY24 a QoQ growth of 50%.

 

In terms of Financial Performance, Total Income was ₹2,534 Cr for FY24 vs. ₹1,477 Cr for FY23 – growth of 72%. ₹710 Cr in Q4FY24 growth of 8% QoQ & 33% YoY. Net Interest Income was ₹1,289 Cr for FY24 vs. ₹810 Cr for FY23 – growth of 59%. ₹378 Cr in Q4FY24 QoQ – growth of 23% & YoY growth of 41%. Yield was 24.2% for FY24 vs. 20.4% for FY23 – improvement of 383 bps and 24.2% (24.1% in Q3FY24) – improvement of 11 bps & 106 bps YoY. Cost of borrowings was 12.2% for FY24 vs. 11.7% in FY23 – increase of 58 bps and 11.7% in Q4FY24 – decrease of 53 bps QoQ & decrease of 67 bps YoY. Pre-Provision Operating Profit (PPOP) was ₹953 Cr for FY24 vs. ₹562 Cr for FY23 – growth of 70% and ₹266 Cr for Q4FY24 – growth of 11% QoQ and 2% YoY.

Profit after tax (PAT) for FY24 was ₹501 Cr vs. ₹12 Cr reported for FY23 – an increase of ₹488 Cr. PAT for the quarter was ₹129 Cr vs. ₹127 Cr in Q3FY24. Q4FY24 PAT was higher by 22% YoY compared to ₹106 Cr reported in Q4FY23.

 

 

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