Neutral Spandana Sphoorty Ltd for the Target Rs. 280 by Motilal Oswal Financial Services Ltd

* Estimate disbursements of ~INR9.1b, leading to AUM of ~INR44b (AUM declined ~58% YoY/12% QoQ).
* Annualized credit costs to decline to 26.8% (PQ: 34.2%).
* Margin is likely to expand ~20bp QoQ to ~10.7%.
* Guidance on credit costs, margins, and AUM growth to be closely monitored.
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