Spandana Sphoorty posts loss of Rs 58.8 crore for September quarter
Ailing microfinance firm Spandana Sphoorty Financial suffered a loss of Rs 58.87 crore in the September quarter (T2FY22) due to a sharp increase in write-downs and other provisions.
He had posted a net profit of Rs 62.95 crore at T2FY21. As of Q1FY22, he had recorded a profit of Rs 47.52 crore.
The depreciation of financial instruments and other provisions increased sharply to reach Rs 228.96 crore in T2FY22 against Rs 121.90 crore in T2FY21. The burden of impairments was also higher compared to Rs 152.38 crore at T1FY22.
Its share closed down 5% at Rs 414.8 per share on BSE. His total income at T2FY22 was Rs 372.59 crore, slightly over Rs 346.06 crore at T2FY21.