Spandana Sphoorty slumps after dismal Q3 numbers
Spandana Sphoorty Financial tumbled 4.64% to Rs 725.25 after the microfinance lender reported a consolidated net loss of Rs 29.72 crore in Q3 FY21 compared with net profit of Rs 129.53 crore in Q3 FY2
Total income fell 4% year-on-year (YoY) to Rs 344.26 crore during the quarter. Impairment charge on financial instruments and other provisions stood at Rs 199.93 crore in Q3 December 2020, steeply higher than Rs 41.54 crore in Q3 December 2019.
The company reported a pre-tax loss of Rs 36.56 crore in Q3 FY21 as against a pre-tax profit of Rs 175.80 crore in Q3 FY20. Current tax outgo declined by 87.5% YoY to Rs 3.23 crore during the period under review.
Spandana Sphoorty Financial is a non-banking financial company – microfinance institution (NBFC-MFI).
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Published: February 10, 2021, 13:55 IST