Spandana reported weak results in 1Q25, with provisions coming in at INR 2,018mn (+128.6% QoQ, +743.5% YoY), or 7.8% of AUM, annualised. PPOP was a beat on JMFe – with NII at INR 4.15bn (+5.6% QoQ, +44.7% YoY), other income at INR 286mn (-25.4% QoQ, +41.3% YoY) and operating expenses at INR 1.7bn (-3.9% QoQ, +28.4% YoY). Gross loan portfolio was at INR 117.2bn, down 2.1% QoQ, as disbursements moderated to INR 22.8bn, -42.5% QoQ. With the elevated credit costs, PAT came in at INR 513mn (...
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