Whalesbook
Achanak Profit Mein Wapsi, Par Revenue Ka Kya?
Spandana Sphoorty Financial ne March quarter mein apna profit recover kar liya hai, jo pichhle saal issi quarter mein ₹434.3 crore ke nuksaan ke baad kaafi relief hai. Is baar ₹5.27 crore ka net profit hua hai. Ye sab improve hue EBITDA ki wajah se hua, jo ₹121 crore tak pahunch gaya, pichhle saal yeh negative ₹389 crore tha. Company ka kehna hai ki portfolio quality aur collection rates 99.7% ke aas paas hone se yeh mumkin hua hai. Loan disbursements bhi pichhle quarter se 30% badh kar ₹1,539 crore ho gaye.
Lekin bada sawaal yeh hai ki company ka revenue 37.4% saal-dar-saal gir kar ₹260 crore ho gaya hai. Isse profit recovery ki sustainability par doubt ho raha hai.
8 Quarter Baad AUM Mein Growth!
Ek achhi khabar yeh bhi hai ki company ka Assets Under Management (AUM) March 2026 tak ₹4,420 crore ho gaya hai, jo pichhle quarter se 12% zyada hai. Yeh lagbhag 8 quarteron ke baad pehla quarterly AUM growth hai, jo lending business mein recovery ka sign de raha hai. Company ne December 2025 tak ke 9 mahinon mein ₹1,155.27 crore ke technical write-offs bhi kiye hain. Yeh write-offs balance sheet ko saaf karne ke liye kiye gaye hain, jisse Gross Non-Performing Assets (GNPA) bhi 3.78% se kam ho kar 4.24% ho gaya hai. Lekin yeh clean-up older loans mein gehre issues ko chhupa sakta hai.
Sector Challenges Aur Competitors
Naye labor codes ki wajah se company ki gratuity aur leave liabilities mein ₹7.59 crore FY26 ke liye badh sakte hain, jo manage ho jayega. Microfinance sector mein interest rates badhne aur banks aur fintech se competition ke challenges bhi hain. CreditAccess Grameen jaise peers ne issi dauran AUM growth aur stable margins dikhaye hain. Spandana ka revenue girna yeh dikha raha hai ki shayad woh zyada competition face kar raha hai ya apni books clean karne par zyada focus kar raha hai.
Stock 12.02% badh kar ₹268.00 par pahunch gaya tha 5th April ko, aur trading volumes bhi normal se zyada the. Itni revenue girne ke baad bhi stock ka itna bhagna shayad short-covering ki wajah se ho sakta hai.
Write-offs Aur Revenue Par Chinta
Profit mein wapsi achhi hai, par revenue mein ek तिहाई se zyada ki girawat caution ka signal hai. ₹1,155 crore ke write-offs, chahe balance sheet clean-up ke naam par hon, purane loan portfolios mein underlying problems ki taraf ishara karte hain. Is strategy se reported GNPA kam toh hua hai, par shayad asset quality mein asli sudhar nahi dikha raha.
Management Kya Bolta Hai?
CEO Venkatesh Krishnan future growth ko lekar confident hain, unka kehna hai ki company profit aur better asset quality ke baad achhi position mein hai. Par company ne koi specific forward-looking guidance nahi di hai. Analysts ke views mile-jule hain; kuch ne profit badhne ke baad rating upgrade ki hai, jabki kuch abhi bhi revenue growth ke signs ka intezaar kar rahe hain.