Micro lender reported a consolidated net profit of Rs 55.2 crore for the September quarter against a Rs 60 crore loss in the year-ago period, even as its total income dipped.
Interest income for the lender was 21% lower at Rs 276.5 crore against Rs 350.5 crore while total income was Rs 310 crore against Rs 396 crore.
Gross non-performing assets ratio at the end of September was 7.47% while net NPA was 3.96%. The total provision was Rs 303 crore comprising 5.23 % of the assets under management (AUM), the company said.
Its AUM rose about 5% quarter-on-quarter to Rs 5,782 crore.
The higher delinquencies caused due to Covid-19 pandemic and resignation of the erstwhile managing director have resulted in breach of some of the covenants related to borrowings such as increase in portfolio at risk and NPA ratios, the company said in its regulatory filing. It has sought forbearance from the lenders with respect to non-compliance of the covenants, it said.
Spandana is focusing on acquiring new customers with 46% of Rs 1391 crore loan disbursement in the second quarter to new customers.
Its rural portfolio rose to 88% on the overall book from 85% earlier, reaffirming the direction of focus on rural geographies.
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