Buy Spandana Sphoorty Ltd For Target Rs. 385 by Motilal Oswal Financial Services Ltd

* Estimate disbursements of ~INR15b, leading to AUM of ~INR96b (AUM declined ~8% YoY).
* Margin is likely to contract ~70bp QoQ to ~13.3%.
* Annualized credit costs to increase to 34.9% (PQ: 20.7%).
* Guidance on credit costs, margins, and AUM growth to be closely monitored.
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