This small-cap NBFC soared 20% on 23rd June; here’s why!

This small-cap NBFC soared 20% on 23rd June; here’s why!

by 5paisa Research Team Last Updated: Dec 11, 2022 - 03:17 am 24.6k Views
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The stock is leading the A group on the BSE.

Spandana Sphoorty Financial Ltd., a small cap NBFC, has hit the upper circuit of 20% from its previous close of Rs 333.15. The trading was halted for some time at Rs 399.75, but the trading soon began again and the stock closed at Rs 399.35 (+19.87%).

The company’s MD Padmaja Reddy had resigned from her position on November 2, 2021. Over a period of time, some disputes had arisen between Padmaja Reddy and the board of directors of the company. The issues or disputes have now been cleared which has driven the rally in the stock price, such that it has become a top gainer in A group on the BSE.

While Reddy is no longer serving as the Managing Director of the Company, she continues to be a substantial shareholder and member of the Company’s Board. Needless to state, that the company and its Board reiterate that they are committed to growing the company’s business with a view to take it to greater heights.

The company hasn’t yet reported Q4 results. In Q3FY22, revenue grew by 1.75% YoY to Rs 338.63 crore from Rs 332.81 crore in Q3FY21. On a sequential basis, the top-line was down by 11.24%. PBIDT (Ex OI) was reported at Rs 197.23 crore, up by 162.82% as compared to the year-ago period and the corresponding margin was reported at 56.98%, expanding by 3477 basis points YoY. PAT was reported at Rs 45.1 crore, up by 251.83% from Rs -29.7 crore in the same quarter for the previous fiscal year. The PAT margin stood at 13.03% in Q3FY22 expanding from -8.79% in Q3FY21.

Spandana Sphoorty Financial Ltd is registered with RBI as NBFC MFI. It started its operations in 1998 and within five years only it became one of the leading micro finance institutions in the country.

The scrip has a 52-week high and low of Rs 745.00 and Rs 288.75, respectively.

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