InCred Equities - Spandana Sphoorty Financial

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	12,621	9,903	13,407	4,417
Total Non-Interest Income (Rsm)	2,298	2,211	2,262	581
Operating Revenue (Rsm)	14,918	12,114	15,670	4,998
Total Provision Charges (Rsm)	(19,863)	(4,948)	(3,089)	(1,163)
Net Profit (Rsm)	(10,352)	79	3,146	1,172
Core EPS (Rs)	(145.16)	1.11	44.11	16.43
Core EPS Growth	(307%)	(101%)	3,884%	(63%)
FD Core P/E (x)	(1.88)	246.79	6.19	16.63
DPS (Rs)
Dividend Yield
BVPS (Rs)	369.2	370.3	414.5	430.9
P/BV (x)	0.74	0.74	0.66	0.63
ROE	(33.0%)	0.3%	11.2%	3.9%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income	12,621	9,903	13,407	4,417
Total Non-Interest Income	2,298	2,211	2,262	581
Operating Revenue	14,918	12,114	15,670	4,998
Total Non-Interest Expenses	(8,843)	(7,061)	(8,397)	(2,276)
Pre-provision Operating Profit	6,075	5,053	7,273	2,722
Total Provision Charges	(19,863)	(4,948)	(3,089)	(1,163)
Operating Profit After Provisions	(13,788)	105	4,184	1,559
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	(13,788)	105	4,184	1,559
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	(13,788)	105	4,184	1,559
Exceptional Items
Pre-tax Profit	(13,788)	105	4,184	1,559
Taxation	3,436	(26)	(1,038)	(387)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	(10,352)	79	3,146	1,172
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	(10,352)	79	3,146	1,172

(Rs mn)	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Gross Loans/Cust Deposits
Avg Loans/Avg Deposits
Avg Liquid Assets/Avg Assets	93.5%	88.5%	88.4%	89.3%
Avg Liquid Assets/Avg IEAs	122.4%	123.8%	113.7%	109.3%
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-25A	Mar-26F	Mar-27F	Mar-28F
Total Gross Loans	57,084	71,478	96,576	117,399
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	57,084	71,478	96,576	117,399
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	57,084	71,478	96,576	117,399
Intangible Assets
Other Non-Interest Earning Assets	7,830	9,517	11,568	12,146
Total Non-Interest Earning Assets	8,316	10,057	12,167	12,761
Cash And Marketable Securities	18,438	12,216	10,728	9,263
Long-term Investments	1,098	1,234	1,500	1,575
Total Assets	84,935	94,985	120,972	140,999
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	56,556	64,331	84,021	102,137
Total Interest-Bearing Liabilities	56,556	64,331	84,021	102,137
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,046	4,243	7,393	8,132
Total Liabilities	58,602	68,573	91,414	110,269
Shareholders Equity	26,331	26,410	29,555	30,727
Minority Interests	2	2	2	2
Total Equity	26,333	26,412	29,558	30,730

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	(3.8%)	(21.5%)	35.4%	(67.1%)
Operating Profit Growth	(34.7%)	(16.8%)	43.9%	(62.6%)
Pretax Profit Growth	(306%)	(101%)	3,884%	(63%)
Net Interest To Total Income	84.6%	81.7%	85.6%	88.4%
Cost Of Funds	12.38%	8.54%	8.16%	2.28%
Return On Interest Earning Assets	26.2%	23.4%	23.2%	6.1%
Net Interest Spread	13.86%	14.90%	15.00%	3.83%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	327%	98%	42%	43%
Interest Return On Average Assets	11.54%	11.01%	12.42%	3.37%
Effective Tax Rate		24.8%	24.8%	24.8%
Net Dividend Payout Ratio
Return On Average Assets	(9.46%)	0.09%	2.91%	0.89%

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

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Market Data

Source: Bloomberg