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ICICI Securities Report
Q2 FY23 was a quarter of consolidation for Spandana Sphoorty Financial Ltd. with focus on:
building foundation to ensure sustainable growth in the coming years,
containing forward flow in the participating portfolio,
rebuilding the liability engine, and
strengthening the management team.
Progression towards achieving these milestones are on track. Further, management sounded confident about Spandana’s full-year FY23 disbursement target of Rs 80 billion despite a muted H1 FY23 (when only Rs 27 billion was disbursed).
Assets under management growth reviving to 5% QoQ, gross borrowing of more than Rs 10 billion versus Rs 1.5 billion in Q1 FY23 with declining marginal cost of borrowing, credit cost at less than 2% versus an average of more than 10% during the past six quarters, and return on asset of more than 3% summarise Spandana’s Q2 FY23 performance.
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