InCred Equities - Spandana Sphoorty Financial

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	13,113	13,242	13,146	15,425
Total Non-Interest Income (Rsm)	2,959	2,819	2,643	2,623
Operating Revenue (Rsm)	16,072	16,062	15,789	18,047
Total Provision Charges (Rsm)	(2,826)	(18,609)	(3,277)	(2,439)
Net Profit (Rsm)	5,007	(8,729)	2,458	3,999
Core EPS (Rs)	70.63	(123.12)	34.67	56.41
Core EPS Growth	3,940%	(274%)	(128%)	63%
FD Core P/E (x)	3.46	(1.99)	7.05	4.33
DPS (Rs)
Dividend Yield
BVPS (Rs)	514.0	398.0	439.7	503.2
P/BV (x)	0.48	0.61	0.56	0.49
ROE	14.7%	(27.0%)	8.3%	12.0%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income	13,113	13,242	13,146	15,425
Total Non-Interest Income	2,959	2,819	2,643	2,623
Operating Revenue	16,072	16,062	15,789	18,047
Total Non-Interest Expenses	(6,540)	(9,170)	(9,212)	(10,240)
Pre-provision Operating Profit	9,532	6,892	6,577	7,807
Total Provision Charges	(2,826)	(18,609)	(3,277)	(2,439)
Operating Profit After Provisions	6,706	(11,717)	3,300	5,368
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	6,706	(11,717)	3,300	5,368
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,706	(11,717)	3,300	5,368
Exceptional Items
Pre-tax Profit	6,706	(11,717)	3,300	5,368
Taxation	(1,698)	2,988	(841)	(1,369)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	5,007	(8,729)	2,458	3,999
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	5,007	(8,729)	2,458	3,999

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	95.2%	95.7%	94.5%	94.5%
Avg Liquid Assets/Avg IEAs	115.4%	120.1%	119.6%	113.9%
Net Cust Loans/Assets
Net Cust Loans/Broad Deposits
Equity & Provns/Gross Cust Loans
Asset Risk Weighting
Provision Charge/Avg Cust Loans
Provision Charge/Avg Assets
Total Write Offs/Average Assets

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Gross Loans	110,143	75,945	87,923	107,219
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	110,143	75,945	87,923	107,219
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	110,143	75,945	87,923	107,219
Intangible Assets
Other Non-Interest Earning Assets	3,149	3,307	3,472	3,646
Total Non-Interest Earning Assets	3,623	3,875	4,154	4,465
Cash And Marketable Securities	18,941	18,542	13,517	13,668
Long-term Investments	1,118	1,453	1,889	2,456
Total Assets	133,825	99,815	107,483	127,807
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	94,046	65,174	69,691	85,107
Total Interest-Bearing Liabilities	94,046	65,174	69,691	85,107
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,330	6,421	6,614	7,023
Total Liabilities	97,376	71,595	76,305	92,130
Shareholders Equity	36,446	28,217	31,175	35,674
Minority Interests	3	3	3	3
Total Equity	36,449	28,220	31,178	35,677

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	60.0%	1.0%	(0.7%)	17.3%
Operating Profit Growth	69.6%	(27.7%)	(4.6%)	18.7%
Pretax Profit Growth	3,661%	(275%)	(128%)	63%
Net Interest To Total Income	81.6%	82.4%	83.3%	85.5%
Cost Of Funds	11.97%	12.10%	11.50%	11.00%
Return On Interest Earning Assets	23.8%	24.6%	25.5%	24.5%
Net Interest Spread	11.87%	12.49%	14.01%	13.53%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	30%	270%	50%	31%
Interest Return On Average Assets	11.52%	11.34%	12.68%	13.11%
Effective Tax Rate	25.3%		25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	4.40%	(7.47%)	2.37%	3.40%

(91) 22 4161 1569 rishabh.jogani@incredresearch.com

(91) 22 4161 1553 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg