Spandana Sphoorty shares jump 10%, hit 52-week high post Q4 results

Spandana Sphoorty Financial’s Q4 FY23 net profit increased by 268% to INR 105.55 crore ($14.1m), which boosted the company’s shares by almost 10% to reach a 52-week high of INR 693 ($9.3) in Wednesday’s trade. Its total income also surged by 42% compared to the preceding quarter. The company, which specialises in rural loans, added 8.8 lakh new borrowers during the year, thereby increasing its total customer base to 23 lakh by the end of March; it plans to open 400 new branches across select Indian states and disburse close to INR 11,500 crore ($1.5bn) during FY24.