Micro Finance Institution (MFI) Spandana Sphoorty Financial Ltd has posted a consolidated net profit of Rs 45.1 crore in the third quarter (Q3FY22) against a loss of Rs 29.7 crore in the year-ago period. It had also reported a loss of Rs 58.7 crore in the second quarter ended (Q2FY22).
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The income from operations, on a consolidated basis, in the reporting quarter, rose marginally to Rs 346.1 crore compared to Rs 337.9 crore in Q3FY21. The company’s stock was trading 0.74 per cent lower at Rs 404.4 per share on BSE.
Trouble MFI provisions and write-offs related to Covid-19 and others fell to Rs 103.1 crore in Q3FY22 from Rs 199.7 crore in Q3FY22 and Rs 137.9 crore in Q2FY22.
It has restructured personal loans of 0.43 million accounts with exposure worth Rs 1,227 crore under the Reserve Bank of India’s regulatory package announced in May 2021 to support those affected by the second wave of the Covid-19 pandemic, according to the result statement.
