InCred Equities - Spandana Sphoorty Financial

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Net Interest Income (Rsm)	12,621	6,164	9,477	14,147
Total Non-Interest Income (Rsm)	2,298	1,579	1,830	2,376
Operating Revenue (Rsm)	14,918	7,744	11,307	16,523
Total Provision Charges (Rsm)	(19,863)	(7,530)	(2,821)	(4,317)
Net Profit (Rsm)	(10,352)	(5,035)	1,084	2,858
Core EPS (Rs)	(145.16)	(70.61)	15.20	40.07
Core EPS Growth	(307%)	(51%)	(122%)	164%
FD Core P/E (x)	(1.79)	(3.68)	17.09	6.48
DPS (Rs)
Dividend Yield
BVPS (Rs)	369.2	328.8	344.0	384.0
P/BV (x)	0.70	0.79	0.76	0.68
ROE	(33.0%)	(20.2%)	4.5%	11.0%
% 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	6,164	9,477	14,147
Total Non-Interest Income	2,298	1,579	1,830	2,376
Operating Revenue	14,918	7,744	11,307	16,523
Total Non-Interest Expenses	(8,843)	(6,936)	(7,039)	(8,391)
Pre-provision Operating Profit	6,075	808	4,268	8,132
Total Provision Charges	(19,863)	(7,530)	(2,821)	(4,317)
Operating Profit After Provisions	(13,788)	(6,722)	1,447	3,815
Pretax Income/(Loss) from Assoc.
Operating EBIT (incl Associates)	(13,788)	(6,722)	1,447	3,815
Non-Operating Income/(Expense)
Profit Before Tax (pre-EI)	(13,788)	(6,722)	1,447	3,815
Exceptional Items
Pre-tax Profit	(13,788)	(6,722)	1,447	3,815
Taxation	3,436	1,687	(363)	(957)
Consolidation Adjustments & Others
Exceptional Income - post-tax
Profit After Tax	(10,352)	(5,035)	1,084	2,858
Minority Interests
Pref. & Special Div
FX And Other Adj.
Net Profit	(10,352)	(5,035)	1,084	2,858

(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%	87.6%	87.5%	89.6%
Avg Liquid Assets/Avg IEAs	122.4%	127.1%	115.1%	109.2%
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	54,669	81,109	111,311
Liquid Assets & Invst. (Current)
Other Int. Earning Assets
Total Gross Int. Earning Assets	57,084	54,669	81,109	111,311
Total Provisions/Loan Loss Reserve
Total Net Interest Earning Assets	57,084	54,669	81,109	111,311
Intangible Assets
Other Non-Interest Earning Assets	7,830	9,195	9,953	10,774
Total Non-Interest Earning Assets	8,316	9,673	10,470	11,333
Cash And Marketable Securities	18,438	11,795	8,701	9,091
Long-term Investments	1,098	971	1,181	1,435
Total Assets	84,935	77,108	101,462	133,171
Customer Interest-Bearing Liabilities
Bank Deposits
Interest Bearing Liabilities: Others	56,556	51,984	74,693	102,505
Total Interest-Bearing Liabilities	56,556	51,984	74,693	102,505
Banks Liabilities Under Acceptances
Total Non-Interest Bearing Liabilities	2,046	1,679	2,239	3,278
Total Liabilities	58,602	53,663	76,932	105,783
Shareholders Equity	26,331	23,443	24,528	27,385
Minority Interests	2	2	2	2
Total Equity	26,333	23,445	24,530	27,387

	Mar-25A	Mar-26F	Mar-27F	Mar-28F
Total Income Growth	(3.8%)	(51.2%)	53.7%	49.3%
Operating Profit Growth	(34.7%)	(86.7%)	428.2%	90.5%
Pretax Profit Growth	(306%)	(51%)	(122%)	164%
Net Interest To Total Income	84.6%	79.6%	83.8%	85.6%
Cost Of Funds	12.38%	8.97%	9.16%	10.71%
Return On Interest Earning Assets	26.2%	19.7%	22.5%	24.6%
Net Interest Spread	13.86%	10.77%	13.35%	13.86%
Net Interest Margin (Avg Deposits)
Net Interest Margin (Avg RWA)
Provisions to Pre Prov. Operating Profit	327%	932%	66%	53%
Interest Return On Average Assets	11.54%	7.61%	10.61%	12.06%
Effective Tax Rate			25.1%	25.1%
Net Dividend Payout Ratio
Return On Average Assets	(9.46%)	(6.21%)	1.21%	2.44%

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

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Market Data

Source: Bloomberg