Muted operating performance; asset quality deteriorates

23 Jan 2024
5 Min read 
  • Spandana Sphoorty's 3QFY24 results showed muted operating performance and deteriorating asset quality.
  •  Net interest margin (NIM) declined by around 85 basis points quarter-on-quarter.
  •  The company has faced teething issues in transitioning from monthly to weekly repayments.
  •  PAT grew by 79% YoY in 3QFY24, driven by other income despite elevated credit costs.
  •  Spandana has refined its processes and strengthened governance and risk controls.
  •  The company trades at a P/BV ratio of 1.6x and is poised for further rerating if it executes well on its growth goals.
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