Spandana Sphoorty's Q4 consolidated net profit declines 42% to Rs 28.6 cr

Spandana Sphoorty has articulated a Vision 2025 and scale up business to an AUM of Rs 15,000 crore levels in the next three years

Spandana Sphoorty Financial Ltd’s (SSFL) consolidated net profit declined by 42 per cent to Rs 28.6 crore in the March quarter (Q4FY22) on one-time settlement fees and transition expenses. It had posted a consolidated net profit of Rs 49.3 crore in the year-ago period.

Its consolidated total income also declined sharply from Rs 480.3 crore in Q4FY21 to Rs 299.1 crore in Q4FY22. Its business operations were impacted in the second half of FY22 after Padmaja Reddy resigned from her position as the Managing Director of the company on November 2, 2021.

For FY22, the microfinance institution's net profit declined