InCred Equities - Spandana Sphoorty Financial

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Net Interest Income (Rsm)	13,113	15,196	15,776	18,490
Total Non-Interest Income (Rsm)	2,959	3,289	3,340	3,866
Operating Revenue (Rsm)	16,072	18,485	19,117	22,357
Total Provision Charges (Rsm)	(2,826)	(11,950)	(5,578)	(5,223)
Net Profit (Rsm)	5,007	(1,824)	3,075	4,638
Core EPS (Rs)	70.63	(25.72)	43.37	65.41
Core EPS Growth	3,940%	(136%)	(269%)	51%
FD Core P/E (x)	5.29	(14.53)	8.62	5.71
DPS (Rs)
Dividend Yield
BVPS (Rs)	514.0	495.4	545.8	618.3
P/BV (x)	0.73	0.75	0.68	0.60
ROE	14.7%	(5.1%)	8.3%	11.2%
% 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	15,196	15,776	18,490
Total Non-Interest Income	2,959	3,289	3,340	3,866
Operating Revenue	16,072	18,485	19,117	22,357
Total Non-Interest Expenses	(6,540)	(8,983)	(9,411)	(10,909)
Pre-provision Operating Profit	9,532	9,502	9,706	11,448
Total Provision Charges	(2,826)	(11,950)	(5,578)	(5,223)
Operating Profit After Provisions	6,706	(2,448)	4,128	6,225
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	6,706	(2,448)	4,128	6,225
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	6,706	(2,448)	4,128	6,225
Exceptional Items
Pre-tax Profit	6,706	(2,448)	4,128	6,225
Taxation	(1,698)	624	(1,053)	(1,587)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	5,007	(1,824)	3,075	4,638
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	5,007	(1,824)	3,075	4,638

(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%	96.2%	95.8%	95.7%
Avg Liquid Assets/Avg IEAs	115.4%	117.1%	116.2%	111.8%
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	107,130	116,007	145,122
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	110,143	107,130	116,007	145,122
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	110,143	107,130	116,007	145,122
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	18,162	17,906	12,983
Long-term Investments	1,118	1,453	1,889	2,456
Total Assets	133,825	130,620	139,957	165,026
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	94,046	89,344	95,473	114,567
Total Interest-Bearing Liabilities	94,046	89,344	95,473	114,567
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	3,330	6,151	5,784	6,621
Total Liabilities	97,376	95,495	101,257	121,188
Shareholders Equity	36,446	35,122	38,697	43,835
Minority Interests	3	3	3	3
Total Equity	36,449	35,125	38,700	43,838

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Income Growth	60.0%	15.9%	3.8%	17.2%
Operating Profit Growth	69.6%	(0.3%)	2.1%	17.9%
Pretax Profit Growth	3,661%	(137%)	(269%)	51%
Net Interest To Total Income	81.6%	82.2%	82.5%	82.7%
Cost Of Funds	11.97%	11.00%	10.50%	10.20%
Return On Interest Earning Assets	23.8%	23.3%	22.8%	22.4%
Net Interest Spread	11.87%	12.27%	12.34%	12.17%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	30%	126%	57%	46%
Interest Return On Average Assets	11.52%	11.49%	11.66%	12.13%
Effective Tax Rate	25.3%		25.5%	25.5%
Net Dividend Payout Ratio
Return On Average Assets	4.40%	(1.38%)	2.27%	3.04%

(91) 22 4161 1547 jignesh.shial@incredresearch.com

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

(91) 22 4161 1500 meghna.luthra@incredresearch.com

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Market Data

Source: Bloomberg