Spandana Sphoorty Financial, a rural-focused non-banking financial company and a microfinance lender (NBFC-MFI), reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22.
Shares of Spandana Sphoorty Financial rallied over 5 percent after the company approved the transfer of its stressed loan portfolio, including written-off loans, to an asset reconstruction company (ARC), amounting to Rs 95 crore. The written-off portfolio had an outstanding of Rs 323.08 crore as on September 30.
The microfinancier shall follow Swiss Challenge Method for the amount.
"The board has approved the transfer of stressed loan portfolio including written off loans of Rs.323.08 Crore outstanding as on September 30, 2022 to an Asset Reconstruction Company pursuant to Swiss Challenge Method for a consideration of Rs.95 Crore," the firm said in a release.
The rural-focused non-banking financial company and a microfinance lender (NBFC-MFI) reported a consolidated net profit of Rs 55.15 crore in Q2 FY23 as against a net loss of Rs 57.94 crore in Q2 FY22. The firm's scrip is currently trading at Rs 548.95 on the BSE.