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Spandana Sphoorty reported a net loss of ₹658.1 crore, compared to a net profit of ₹118.3 crore during the same period last year. The company had reported a net loss of ₹203.9 crore during the September quarter.
Gross NPA for the quarter stood at 4.85% from 4.86% in September, while Net NPA stood at 0.96% from 0.99% in the previous quarter. Provisions for the quarter were up 851% from last year to ₹607.2 crore.
Write-offs during the quarter stood at ₹678 crore, which is higher than the current and previous quarter’s gross NPA figure of ₹400 crore and ₹477 crore respectively.
Disbursals for the quarter also fell by 43% from the same period last year at ₹1,443 crore.
Shares of Spandana Sphoorty are down 5% at ₹324.2. The stock is down 70% from its peak of ₹1,100, which it had surged to at the start of 2024.
Despite the 70% correction from its peak, none of the nine analysts who have coverage on Spandana Sphoorty have a “sell” rating on the stock. Five of them have a “buy” rating on the stock, while four have a “hold” recommendation.
Nuvama has a “hold” rating on the stock with a price target of ₹335, which is the lowest on the street for the stock, while Equirus has a “buy” rating with a target of ₹925, which is among the highest.
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