News: Spandana Spoorthy reported steady performance in Q4FY24 with strong AUM growth at 41% YoY to Rs 11973 crore, led by continued pace of customer accretion at 4.4 lakh. GNPA witnessed a decline of 11 bps QoQ to 1.5%, though 1-90 days bucket has witnessed increase attributable to shift towards weekly collection. Operational performance remained steady with PAT growth at 22% YoY, led by lower credit cost offsetting flattish PPP. Margins improved 130 bps QoQ at 14.6%, amid utilisation of cash while CI ratio continued to remain elevated at 43.7%.
Views: Guidance on growth maintained at 20-25% driven by focus on customer accretion. Asset quality to remain a bit volatile in 1HFY24 owing to shift to weekly collection.
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