Latest news with #SpandanaSphoortyFinancial
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Business Standard
5 days ago
- Business
- Business Standard
Why did Spandana Sphoorty share price declined 10% in trade today?
Spandana Sphoorty Financial shares lost 9.6 per cent in trade on Monday, June 2, 2025, logging a day's low at ₹262.35 per share on BSE. The selling pressure came after the company posted its Q4 results. In the past one year, Spandana Sphoorty shares have gained 63 per cent as compared to Sensex's rise of around 7 per cent. At 12:50 PM, Spandana Sphoorty share price was down 6.7 per cent at ₹270.65 per share on the BSE. In comparison, the BSE Sensex was down 0.10 per cent at 81,369.78. The market capitalisation of the company stood at ₹1,929.87 crore. The 52-week high of the stock was at ₹803.6 per share and the 52-week low of the stock was at ₹214.7 per share. Spandana Sphoorty Q4 results 2025 The company reported its fourth quarter (Q4FY25) results on Friday, May 30, 2025, which showed a net loss of ₹434.3 crore as compared to a profit of ₹128.64 crore a year ago. The revenue from operations of the company stood at ₹414.79 crore as compared to ₹669.09 crore a year ago, down 38 per cent. In FY25, asset under management (AUM) stood at ₹6,819 crore year-on-year (Y-o-Y), down 43 per cent, as against ₹11,973 crore a year ago. The company's disbursement stood at ₹5,605 crore; down 48 per cent Y-o-Y, as compared to ₹10,688 crore. Its standalone gross net profit asset (GNPA) and net non-performing asset (NNPA) stood at 4.85 per cent and 0.96 per cent respectively. Spandana Sphoorty's net interest income (NII) stood at ₹1,228 crore; down 5 per cent Y-o-Y, as compared to ₹1,289 crore. About Spandana Sphoorty Spandana Sphoorty Financial Ltd. is a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) with a geographically diversified presence in India. The company offers income-generating loans under the joint liability group (JLG) model, predominantly to women from low-income households in rural areas. Spandana was started as an NGO in 1998 in Guntur, which later converted to an NBFC in 2004. In 2015, it became an NBFCMFI, licensed by the Reserve Bank of India.
Time of India
30-05-2025
- Business
- Time of India
Spandana Sphoorty suffers net loss, auditors flag concerns over frauds
Kolkata: Spandana Sphoorty Financial on Friday reported a Rs 434 crore of net loss on consolidated basis for the fourth quarter ending March 31, while the independent auditors flagged concerns over possibilities of misstatement due to likely fraud which may involve collusion and override of internal control. This was Spandana group's third quarterly net loss in a row, as the lender is facing intense asset quality stress. Its gross non-performing assets ratio jumped to 5.63% at the end of FY25 as compared with 4.85% three months back and 1.5% a year ago. The company had reported a net profit of Rs 129 crore in the fourth quarter of FY24. "The heightened delinquencies contributed to elevated impairment cost and resulted in a net loss of Rs 434 crore for Q4FY25," interim chief executive Ashish Damani said. The company ended the fiscal with an annual net loss of Rs 1035 crore against Rs 501 crore profit in the preceding fiscal. Live Events "The microfinance industry faced unprecedented challenges due to a combination of external and structural headwinds," the company said in its note to stock exchanges. The note was signed by chairperson Abanti Mitra and Damani. Managing director and chief executive officer Shalabh Saxena resigned from his position on April 23. His sudden resignation raised suspicion that there is something more to it than meets the eye. ET on April 25 reported that Spandana said to be under the Reserve Bank of India's lens for unreported frauds and cash balance mismatches at the branch level. "The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control," independent auditor BSR & Co said Friday, in its report accompanied with the company's quarterly and annual financial statement. "We exercise professional judgment and maintain professional skepticism throughout the audit," the auditor said. Spandana's consolidated assets under management shrank 43% year-on-year to Rs 6819 crore at the end of March from Rs 11973 crore a year back. The group disbursed merely Rs 365 crore during the fourth quarter, less than one-tenth of Rs 3970 crore of disbursement it did in the year-ago period. The group's operational stress was further intensified by increased field-level attrition, contributing to higher delinquencies, gross slippages and elevated credit costs. "These factors, which emerged in Q1 and persisted through the year, significantly impacted field operations, disrupted center meetings, and hindered the timely delivery of services to borrowers including timely collections," the company said.
Economic Times
30-05-2025
- Business
- Economic Times
Spandana Sphoorty suffers net loss, auditors flag concerns over frauds
Kolkata: Spandana Sphoorty Financial on Friday reported a Rs 434 crore of net loss on consolidated basis for the fourth quarter ending March 31, while the independent auditors flagged concerns over possibilities of misstatement due to likely fraud which may involve collusion and override of internal control. ADVERTISEMENT This was Spandana group's third quarterly net loss in a row, as the lender is facing intense asset quality stress. Its gross non-performing assets ratio jumped to 5.63% at the end of FY25 as compared with 4.85% three months back and 1.5% a year ago. The company had reported a net profit of Rs 129 crore in the fourth quarter of FY24. "The heightened delinquencies contributed to elevated impairment cost and resulted in a net loss of Rs 434 crore for Q4FY25," interim chief executive Ashish Damani company ended the fiscal with an annual net loss of Rs 1035 crore against Rs 501 crore profit in the preceding fiscal. "The microfinance industry faced unprecedented challenges due to a combination of external and structural headwinds," the company said in its note to stock exchanges. The note was signed by chairperson Abanti Mitra and Damani. ADVERTISEMENT Managing director and chief executive officer Shalabh Saxena resigned from his position on April 23. His sudden resignation raised suspicion that there is something more to it than meets the on April 25 reported that Spandana said to be under the Reserve Bank of India's lens for unreported frauds and cash balance mismatches at the branch level. ADVERTISEMENT "The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control," independent auditor BSR & Co said Friday, in its report accompanied with the company's quarterly and annual financial statement."We exercise professional judgment and maintain professional skepticism throughout the audit," the auditor said. ADVERTISEMENT Spandana's consolidated assets under management shrank 43% year-on-year to Rs 6819 crore at the end of March from Rs 11973 crore a year back. The group disbursed merely Rs 365 crore during the fourth quarter, less than one-tenth of Rs 3970 crore of disbursement it did in the year-ago group's operational stress was further intensified by increased field-level attrition, contributing to higher delinquencies, gross slippages and elevated credit costs. "These factors, which emerged in Q1 and persisted through the year, significantly impacted field operations, disrupted center meetings, and hindered the timely delivery of services to borrowers including timely collections," the company said. (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
13-05-2025
- Business
- Time of India
Spandana Sphoorty plans change in Articles of Association to ease fundraising
Kolkata: Microfinance company Spandana Sphoorty Financial has proposed to amend certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013. The company has sought shareholders approval for the same. The e-voting would take place between May 13 to June 11. "It is proposed to change certain articles of the Articles of Association of the company to align the same with the Companies Act, 2013 and the rules made thereunder, and SEBI regulations/directives as amended. These articles are related to fund raising by the company," Spandana said Monday in a regulatory filing to stock exchanges. The amendment would help Spandana issue shares not only for cash, but for services as well. For example, the company can buy property by allotting shares to the property owner, people aware of such regulations said. "The company shall, subject to the applicable provisions of the Act, compliance with law and the consent of the board, have the power to issue share equivalents to any person (whether or not the share/ security holders of the company) on such terms and in such manner as the board deems fit including their conversion, repayment, and redemption whether at a premium or otherwise,' Spandana said Live Events ETMarkets WhatsApp channel )
Business Standard
24-04-2025
- Business
- Business Standard
Spandana Sphoorty rallies as board appoints Ashish Kumar Damani as interim CEO
Spandana Sphoorty Financial rallied 4.01% to Rs 317.45 after the company's board of directors approved the appointment of Ashish Kumar Damani as interim chief executive officer (CEO), effective 23 April 2025. The appointment was recommended by the nomination and remuneration committee (NRC). Damani currently serves as Spandanas president and chief financial officer. Damani has over 23 years of experience in the microfinance industry. Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion , including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing program of Rs 12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune. Meanwhile, the board announced the resignation of Managing Director and CEO Shalabh Saxena, effective immediately. Saxena, who led the microfinance firm for over three years, stepped down to pursue other career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition. Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas. The company reported a consolidated net loss of Rs 440.19 crore in Q3 FY25, compared with a net profit of Rs 127.40 crore posted in Q3 FY24. Revenue from operations tanked 12.8% year on year to Rs 572.59 crore in Q3 FY24.
