Buy Spandana Sphoorty Ltd For Target Rs. 285 by Motilal Oswal Financial Services Ltd

* Estimate disbursements of ~INR4.8b, leading to AUM of ~INR68b (AUM declined ~43% YoY/24% QoQ).
* Annualized credit costs to increase to ~34% (PQ: ~32%).
* Margin is likely to expand ~20bp QoQ to ~13.3%.
* Guidance on credit costs, margins, and AUM growth to be closely monitored.
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