{"id":13529,"date":"2022-01-05T21:41:52","date_gmt":"2022-01-05T16:11:52","guid":{"rendered":"https:\/\/tradebrains.in\/features\/biz-results-ssfl\/"},"modified":"2022-01-05T21:41:52","modified_gmt":"2022-01-05T16:11:52","slug":"biz-results-ssfl","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/biz-results-ssfl\/","title":{"rendered":"Spandana Sphoorty announces result with delay; posts Rs 58-cr net loss for Q2FY22"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2866613904\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p> New Delhi, Jan 5 (PTI) Microfinance company Spandana Sphoorty Financial Ltd (SSFL) on Wednesday announced its financial results with a delay and posted a consolidated loss of Rs 57.94 crore for the second quarter ended September 2021.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-3326931568\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> The company had posted a net profit of Rs 66.76 crore for the corresponding quarter of the previous financial year. On a quarter-on-quarter basis, the company had posted a net profit of Rs 53.95 crore in the quarter ended June 2021.<\/p>\n<p> For the half-year ended September 2021, the company has reported a consolidated net loss of nearly Rs 4 crore, as against a profit of Rs 125.69 crore in the year-ago period.<\/p>\n<p> Its total income (consolidated) stood at Rs 396.19 crore in the September 2021 quarter, up from Rs 354.11 crore a year ago. However, it was down from Rs 434.90 crore in the June 2021 quarter.<\/p><div class=\"trade-content_5\" id=\"trade-2061590968\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> On November 12, the company had informed about the delay in announcing Q2FY22 financial results because of the top-level management changes after the resignation of the then managing director and founder.<\/p>\n<p> Listed entities are required to submit their quarterly financial results within 45 days from the close of a particular quarter, in this case before November 14, 2021.<\/p>\n<p> The company&#8217;s erstwhile managing director and founder, Padmaja Gangireddy, had resigned on November 2, 2021, with immediate effect. Following this, Spandana immediately re-constituted the management committee comprising the longest-serving directors of the company. It also appointed interim CEO and interim CFO.<\/p>\n<p> The change in management after Gangireddy&#8217;s resignation and other factors such as increase in the portfolio at risk (PAR) and non-performing assets (NPA) ratios due to higher delinquencies caused by the COVID-19 pandemic had resulted in the breach of some of the covenants related to borrowings.<\/p>\n<p> The company has been regularly servicing all its borrowings and has sought forbearance\/ waiver from the lenders with respect to non-compliance with the covenants, wherever applicable, it said in a regulatory filing.<\/p>\n<p> &#8220;Based on the discussions with the lenders, the company has no reason to believe that any adverse action, such as levy of higher interest or a recall of the facility, will be invoked by the lenders on account of the above breaches,&#8221; it said.<\/p><div class=\"trade-content-10\" id=\"trade-1660453896\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> As of the date of these financial results, none of the lenders has intimated any remedial action, Spandana Sphoorty said.<\/p>\n<p> Shortly prior to her resignation and subsequent to the September quarter, Gangireddy had transferred certain IT systems of the holding company and its subsidiaries to a new IT vendor and outsourced its maintenance to that vendor, causing certain disruptions in the IT operations of the group.<\/p>\n<p> &#8220;The holding company has retrieved the relevant internal data back-up and performed necessary reconciliations.<\/p>\n<p> &#8220;For the period subsequent to September 30, 2021, the holding company is compiling and validating the borrower collection database through field checks in a new robust parallel IT environment,&#8221; it said.<\/p>\n<p> In late November, two top executives of rival Bharat Financial Inclusion Ltd (BFIL) &#8212; a fully owned subsidiary of IndusInd Bank &#8212; had resigned to join Spandana Sphoorty.<\/p>\n<p> Spandana announced Shalab Saxena, the then MD &#038; CEO, and Ashish Damani, the then executive director and CFO of BFIL, were to join the company as MD &#038; CEO and president and CFO, respectively.<\/p>\n<p> Spandana and BFIL were apparently at loggerheads about these appointments.<\/p>\n<p> IndusInd Bank said Saxena and Damani were still employed with BFIL, countering that they were appointed by Spandana.<\/p>\n<p> Hyderabad-headquartered SSFL has a presence in 18 states. It has over 1,000 branches with a customer base of around 25 lakh.<\/p>\n<p> Shares of SSFL on Wednesday closed 4.95 per cent lower to Rs 414.80 apiece on the BSE. PTI KPM  HRS hrs<\/p>\n<div class=\"trade-after-content\" id=\"trade-3292246210\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>New Delhi, Jan 5 (PTI) Microfinance company Spandana Sphoorty Financial Ltd (SSFL) on Wednesday announced its financial results with a delay and posted a consolidated loss of Rs 57.94 crore for the second quarter ended September 2021. The company had posted a net profit of Rs 66.76 crore for the corresponding quarter of the previous [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1515,31],"tags":[],"class_list":["post-13529","post","type-post","status-publish","format-standard","hentry","category-company-results","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Spandana Sphoorty announces result with delay; posts Rs 58-cr net loss for Q2FY22 - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/biz-results-ssfl\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Spandana Sphoorty announces result with delay; posts Rs 58-cr net loss for Q2FY22\" \/>\n<meta property=\"og:description\" content=\"New Delhi, Jan 5 (PTI) Microfinance company Spandana Sphoorty Financial Ltd (SSFL) on Wednesday announced its financial results with a delay and posted a consolidated loss of Rs 57.94 crore for the second quarter ended September 2021. 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