Spandana Sphoorty Financial Limited has informed the Exchange about Investor Presentation on the unaudited financial results of the Company for the quarter ended June 30, 2022
Ref: SSFL/Stock Exchange/2022-23/52
Date: August 04, 2022
To BSE Limited, Department of Corporate Services P. J. Towers, 25th Floor, Dalal Street, Mumbai – 400001 Scrip Code: 542759
Dear Sir/Madam,
To National Stock Exchange of India Limited, Listing Department Exchange Plaza, C-1, Block G BandraKurla Complex, Bandra (E) Mumbai – 400051 Symbol: SPANDANA
Sub: Investor presentation on the unaudited financial results of the Company for the quarter ended June 30, 2022
Ref: Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Pursuant to Regulation 30 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 please find enclosed herewith a copy of Investor Presentation of the Company on the unaudited financial results for the quarter ended June 30, 2022.
We request you to take the above information on record.
Thanking you.
Your Sincerely, For Spandana Sphoorty Financial Limited
Ramesh Periasamy Company Secretary and Compliance Officer
Encl: as above
Spandana Sphoorty Financial Limited CIN ‐ L65929TG2003PLC040648 Plot No.31 & 32, Ramky Selenium Towers, Tower A, Ground Floor, Financial Dist, Nanakramguda, Hyderabad ‐ 500 032 Ph: +9140‐45474750 contact@spandanasphoorty.com, www.spandanasphoorty.com
Spandana Sphoorty Financial Limited
….Committed to low-income households
Q1, 2023 Update
18
Years
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Spandana Sphoorty Financial Limited (the “Company”),
have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities,
and shall not form the basis or be relied on in connection with any contract or binding commitment what so ever. No offering of securities of the Company will
be made except by means of a statutory offering document containing detailed information about the Company.
This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no
representation or warranty, express or implied, whatsoever, and no reliance shall be placed on,
the truth, accuracy, completeness,
fairness and
reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may
consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.
Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are
individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known
and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of
the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the
company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and
advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The
Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this
Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements
and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party
statements and projections.
2
Q1 FY23 – A New Beginning
Disbursement & New
Customer Acquisition
▪ New Customers Acquired during the quarter 1.06 lacs
▪ Q1 disbursement : Rs.1,320 crs as against Rs.216 crs in FY22 Q1, growth of 511% YoY
▪ Strong end to the quarter with Rs.905 crs of disbursement in Jun’22
▪ Management re-evaluated the asset quality and divided the portfolio in the below buckets:
▪ Post-April’21 Vintage Book: 62% of AuM with 107% collection efficiency
▪ Pre-March’21 Vintage (Non-restructured Book): 25% of the AuM with 99.6% collection efficiency
▪ Pre-March’21 Vintage (Restructured Book): 13% of the AuM with 62.5% collection efficiency
Asset Quality and Collection
▪ Proposed a one-time clean-up of the pre-March’21 book: One-time write-off of Rs.702 crs, reducing the NPA from Rs.1,069 crs to
Rs.367 crs. This is a one time exercise with no further write-off expected in this FY from this book.
▪ ~96% of the NPA is from pre-March’21 vintage book, while post-April’21 book has exhibited strong asset quality
▪ Post write off- GNPA at 6.7%, NNPA @ 3.4%. PAR 31–90 @ 3.5%
▪ Retained book has strong asset quality: In the Pre-March’21 retained book, 86% of the AuM have paid atleast 2 out of last 3
installments. Post Apr-21 asset book quality has a strong collection efficiency of 107%
▪ Total provisions of Rs.274 crs (5%) on balance sheet – sufficient to cover any risk in the portfolio. Incremental upside from write-
off collections based on prior history.
Liquidity Position
▪ Cash and bank balance as on 30th June was Rs.657 crs (~3x times the required monthly liability) ▪ Robust CRAR of 47.9% +; Rs.2,817 crs net worth
Regulatory Update
▪ New RBI framework: Moved on to the new regime from 1st July, 22
3
Pre Write Off: Core book performing strongly- Non restructured book (~87% of the AuM) has 105%+ Collection Efficiency. Challenges stem from older, restructured book (only 13% of AuM)
Pre write-off Jun-22 AUM is Rs.6,214 crs
Collection Efficiency: Pre Mar-21 Non Restructured Book
96.8%
86.6%
107.8%
92.0%
95.0%
87.7%
98.1%
89.3%
99.6%
88.5%
Collection Efficiency: Post Apr-21 Originated Book
104.7%
94.5%
109.3%
110.1%
96.1%
96.1%
107.0%
96.4%
107.0%
97.5%
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
CE (Incl. Arrears)
CE (Excl. Arrears)
3,857 62%
1,543 25%
814 13%
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
CE (Incl. Arrears)
CE (Excl. Arrears)
Collection Efficiency: Pre Mar-21 Restructured Book
Pre Mar-21 originated Non-Restructured Pre Mar-21 originated Restructured Post Apr-21 Book
47.4%
45.2%
62.8%
58.6%
60.8%
52.7%
63.9%
52.9%
62.5%
46.3%
Excludes DA amounting to 417 crs
CE (Incl. Arrears)
Q1FY22
Q2FY22
Q3FY22
Q4FY22 CE (Excl. Arrears)
Q1FY23
4
Pre Write Off: ~96% of the Par 90+ book originated prior to Mar-21; Post April-21 Book exhibiting strong asset quality metrics @107%
Pre write- off Book NPA Breakup
Post April-21 Originated Book has Strong Asset Quality
1,069* 38 (3.6%)
Post Apr-21 Book
% of Post Apr-21 AUM (Rs.3,857 crs)
95%
4%
1%
3,678
INR Cr
458 (42.8%)
Pre Mar-21 originated Non-Restructured
96% of the PAR 90+ book originated prior to Mar-21
573 (53.6%)
Pre Mar-21 originated Restructured
140
38
Pre Mar-21 originated Restructured
Pre Mar-21 originated Non-Restructured
Post Apr-21 Book
PAR 90+
PAR 0
PAR 1-90
PAR 90+
Only 5% of the book is PAR 0+
*Customers who have pre-closed the loans while they are 90+ have been added back Excludes DA amounting to 417 crs
5
One-time clean up of pre-Mar-21 originated book
Pre Write-off break-up of the book
Post Write-off break-up of the book
814 13%
1,542 25%
353 6%
1,302 24%
3,857 62%
Rs.702 crs one-time write-off
3,857 70%
Pre Mar-21 originated Restructured Pre Mar-21 originated Non-Restructured Post Apr-21 Book
Pre Mar-21 originated Restructured Pre Mar-21 originated Non-Restructured Post Apr-21 Book
AuM of Rs.6,214 crs
AuM of Rs.5,513 crs
Write off 702 crores in Q1 FY23 (pre March 21 portfolio) These are low engagement customers (outstanding more than 90 days as at 30 June 22, paid less <1 installment in this FY(Apr-Jun)). No incremental write off expected from this portfolio in current Financial Year
Excludes DA amounting to 417 crs
6
Retained Pre-March’21 book showing strong asset quality @105%: 77% paying 3 out of 3 instalments, 86% are paying 2 or more
Sharp NPA reduction from 17.2% to 6.7%
Rs. Crs
PAR 90+
1,069* 38
458
573
367* 38
217
112
Pre Mar-21 Originated Retained Book performing strongly (Restructure + Non restructure)
% of AUM
76.8%
13.8%
9.4%
Pre Write-off
Post Write-off
Paid 1 or less out of last 3 installments
Paid 2 out of last 3 installments
Paid all 3 installments
Pre Mar-21 originated Restructured
Pre Mar-21 originated Non-Restructured
Post Apr-21 Book
AuM of Rs.5,513 crs post write-off
Retained Pre Mar-21 AUM of Rs.1,655 crs
Excludes DA amounting to Rs.417 crs *Customers who have pre-closed the loans while they are 90+ have been added back
7
Robust collection efficiency in Retained Book; continuous QoQ improvement
Post write-off Jun-22 AUM is Rs.5,513 crs
98.2%
87.9%
110.2%
93.8%
98.7%
91.1%
103.1%
93.9%
105.8%
94.0%
Collection Efficiency: Pre Mar-21 Originated Non Restructured Book
Collection Efficiency: Post Apr-21 Originated Book
104.7%
94.5%
109.3%
110.1%
107.0%
96.1%
96.1%
96.4%
107.0%
97.5%
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
CE (Incl. Arrears)
CE (Excl. Arrears)
1,302 24%
353 6%
3,857 70%
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
CE (Incl. Arrears)
CE (Excl. Arrears)
Collection Efficiency: Pre Mar-21 Originated Restructured Book
77.2%
72.6%
83.9%
73.7%
92.4%
77.5%
104.6%
80.1%
Pre Mar-21 originated Non-Restructured Pre Mar-21 originated Restructured Post Apr-21 Book
49.5%
47.4%
Q1FY22
Q2FY22
Excludes DA amounting to 417 crs
CE (Incl. Arrears)
Q3FY22
Q4FY22 CE (Excl. Arrears)
Q1FY23
8
Retained Book is displaying a strong collection efficiency of 106%
Pre Write-off collection efficiency
Post Write-off collection efficiency
94.1%
84.8%
96.2%
86.2%
102.4%
92.2%
106.0%
93.8%
Rs. 702 crs one-time write-off
Q4FY22
Q1FY23
Q4FY22
Q1FY23
CE (Incl. Arrears)
CE (Excl. Arrears)
CE (Incl. Arrears)
CE (Excl. Arrears)
AuM of Rs. 6,214 cr
AuM of Rs. 5,513 cr
Excludes DA amounting to 417 crs
9
Adequate Provisioning Buffer and Potential Upside from Write-off Recovery with high capital adequacy of 47.9%
Particulars (Rs. Crs)
Stage 1
- Current
- 1-30
Stage 2
Stage 3
Total
Particulars
GNPA#
NNPA
AUM
4,953
4,731
222
192
367
5,513
% AUM
89.9%
85.8%
4.0%
3.5%
6.7%
100%
SSFL
6.5%
3.3%
Capital Adequacy (CRAR %)
P&L Particulars (Rs. crs)
Incremental Provisions for FY23
Write-offs during the quarter
Interest de-recognition on Stage III loans
Cumulative Provisions & Write-offs (as per profit & Loss Account)
#Customers who have pre-closed the loans while they are 90+ have been added back *Includes CFL GNPA and NNPA ^Excludes DA amounting to 417 crs
ECL Provision
Coverage
32
27
5
52
190
274
0.6%
0.6%
2.1%
26.9%
51.7%
5.0%
Consolidated*
6.7%
3.4%
47.9%
Q1FY23
(350)
701.7
38.3
390
10
Strong Disbursement Momentum Continues in Q1 FY23
FY22 disrupted by Covid-19 and IT disruption
2,317
2,426
1,634
49
1,321
1,385
1,320
216
452
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Lockdowns announced in large number of states owing to wave 2 of Covid-19
Pace of disbursement reached pre-Covid levels as restrictions were eased across states
Disbursements were stopped in November’22 & December’22 following resignation of erstwhile MD & CEO and disruption of IT systems
Rs.1,385 crs disbursed. New LMS up and running. Operations stabilized. Systems in place to drive accelerated growth
11
Comfortable liquidity position driven by strong track record
Positive ALM (Rs. crs)
High level of engagement with rating agencies by the Company
Rs. crs1
872
1,806
1,400
965
1,028
942
647
383
338
292
162
221
6
26
118
35
Up to 1m#
1m to 2m
2m to 3m
3m to 6m 6m to 12m
1Y to 3Y
3Y to 5Y
Over 5Y
•
•
•
Positive ALM on cumulative basis with assets maturing faster than liabilities
All ongoing lender repayments/commitments continue to be fulfilled on the scheduled dates
Closing cash and bank balance (Rs.657 crs as on 30 June) is sufficient to meet future liquidity needs for lender repayments and embark on new disbursements
Assets
Liabilities
Rating Instrument
Rating Agency
Rating
Year
Bank Facilities / NCD’s/ MLD’s
Bank Facilities/NCD's/ MLD's
India-Ra
A RWN
Jun 2022
ICRA/India-Ra
A RWN/A-*
May 2022
Bank Facilities
CRISIL
A*
Apr 2022
Bank Facilities / NCD’s/ MLD’s
Bank Facilities / NCD’s/ MLD’s
Bank Facilities / NCD’s/ MLD’s
Ind-Ra/ICRA
A / A-*
Mar 2022
Ind-Ra
A / A-
Dec 2021
CRISIL/ ICRA
A / A-*
Nov 2021
Bank Facilities
CRISIL
Bank Facilities / NCD’s/ MLD’s
Bank Facilities / NCD’s
Ind-Ra
ICRA
A
A
A-
July 2021
Dec 2020
Mar 2019
Note: 1 Includes DA, PTC and regular payments for SSFL standalone and CFL; *ratings under watch; the rating agencies will continue to monitor the impact of changes and will resolve RWN soon; #cash and cash equivalents (incl FDs)
12
Diversified Borrowing Profile supported by best in class Capital Adequacy
Diversified Funding Mix (As on 30th June-22)
Net-worth and Capital Adequacy
6.4%
1.7%
8.8%
19.9%
Capital Adequacy
42.4%
42.4%
46.8%
51.1%
47.9%
Net worth (Rs. crs)
Capital infusion of Rs.290 crs.
3,088
2,743
2,763
2,733
2,817
35.1%
28.1%
PSU Bank
Private Bank
Capital Markets
NBFC
DFI
FPI
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Gearing ratio
1.9x
1.8x
1.5x
1.2x
1.1x
13
Operational Performance Update – Q1 FY23
Borrowers (In lakhs)
No. of Branches^
State-wise Concentration
CAGR +10%
24.6
25.7
24.5
23.5
23.5
21.3
694
15.9
CAGR +13%
1,010
1,052
925
1,120
1,117
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Jun-22 Pre Writeoff
Jun-22 Post Writeoff
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Jun-22
No. of Loan Officers
AUM/Branch (Rs. crore)
Top States
Madhya Pradesh
Orissa
Karnataka
Andhra Pradesh
Maharashtra
Bihar
Other States
AUM Concentration @
16.1%
15.2%
10.9%
14%
9.3%
6.1%
28.4%
District wise Concentration
< 0.5%
242
No. of Employees
4,045
6,655
8,224
8,644
8,763
8,294
CAGR +24%
6,303
6,721
6,521
6,099
4,673
2,746
CAGR +6%
7.8
6.8
4.6
4.7
5.9
5.9
5.3
0.5%-<=1%
48
>1%-<=2%
9
>2%
1
% to AUM
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Jun-22
Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Jun-22 Pre Writeoff
Jun-22 Post Writeoff
Well dispersed district level exposure ensures low impact from region-specific issues
15
Financial Performance – Q1 FY 2023
Total Income (Rs. crs)
Net Interest Income (Rs. crs)
Yield (%)
Cost of Borrowings (%)
299
259
191
Yield has decreased on account of a) non- charging of delayed interest b) higher 90+ portfolio which has now been written-off
162
17.6%
11.8%
16.4%
10.8%
Excluding interest reversal of 38 crs, the yield is 19%
FY22Q4
FY23Q1
FY22Q4
FY23Q1
FY22Q4
FY23Q1*
FY22Q4
FY23Q1
PPOP & PBT (Rs. crs)
NIM (%)
ROA (%) - annualised
PPOP PBT
58
38
51
NIM has decreased on account of a) b) Higher 90+ portfolio which has not
non-charging of delayed interest
been written-off
10.5%
9.9%
Excluding interest reversal of 38 crs, the NIM is 12.4%
Pre write-off
Post write-off
2.7%
1.8%
2.8%
FY22Q4
-301 FY23Q1
FY22Q4
FY23Q1*
FY22Q4
-14.2%
FY23Q1
*The Company has adopted new Pricing policy and the yield on new disbursements from 1st July is 24% p.a.
16
Consolidated Profit & Loss Statement
Particulars (Rs. crore)
Revenue from Operations
Interest income
Commission and incentive income
Net gain on fair value changes
Other Income
Total income from operations
Non-operational Income
Total income
Expenses
Finance cost
Net loss on financial assets and liabilities designated at fair value through profit or loss
Employee benefit expense
Depreciation and amortization expense
Other expenses
Total Expenses
Pre-Provision Operating Profit (PPOP)
Impairment on financial instruments and other provisions
Profit before Tax
Tax expense
Profit after tax
Q1 FY23
Q4 FY22
Q1 FY22
FY22
243.9
-
4.0
2.3
250.2
8.5
258.8
96.8
0.0
79.5
2.2
29.6
208.2
50.6
351.7
(301.1)
(81.4)
(219.7)
260.8
6.5
8.3
11.2
286.8
12.2
299.1
107.9
0.0
64.1
2.7
66.6
241.3
57.8
19.9
37.8
9.2
28.6
396.7
-
28.7
8.7
434.1
0.7
434.8
143.3
0.1
46.8
2.6
15.9
208.7
226.1
154.9
71.0
16.3
54.8
1,336.5
6.5
78.2
41.6
1,462.8
17.2
1,480.0
540.1
0.1
228.4
9.2
124.8
902.6
577.4
480.5
96.8
27.0
69.8
17
Consolidated Post Write-off Balance Sheet – Networth of 2,817 Cr and Capital Adequacy of 47.9%; Strongest in the Industry
ASSETS (Rs. crs)
Financial Assets
Cash and cash equivalents
Bank Balances other than cash and cash equivalents
Trade Receivables
Loan Portfolio
Investments
Other financial assets
Total Financial Assets
Non-Financial Assets
Current tax assets (net)
Deferred tax assets (net)
Property, Plant and Equipment
Intangible assets
Goodwill
Other non-financial assets
Total Non-financial assets
Total Assets
Jun 30, 2022
Mar 31, 2022
LIABILITIES & EQUITY (Rs. crs)
Jun 30, 2022
Mar 31, 2022
437.3
219.5
11.2
727.2
475.1
20.1
5,156.4
5,518.4
2.5
37.3
2.4
74.6
5,864.2
6,817.7
41.2
290.6
6.2
6.4
17.4
47.0
18.8
184.2
6.8
7.1
17.4
24.3
Financial Liabilities
Debt Securities
Borrowings (Other than Debt Securities)
Subordinated Liabilities
Other Financial liabilities
Total Financial Liabilities
Non-Financial Liabilities
Current Tax Liabilities (net)
Provisions
Other Non-Financial liabilities
Total Non-Financial Liabilities
Equity
Equity Share Capital
Other Equity
Equity attributable to shareholders of the company
Non-Controlling Interest
408.8
258.6
Total Equity
6,273.0
7,076.3
Total Liabilities and Equity
1,607.4
1,607.9
20.2
140.0
1,778.2
1,973.7
20.2
131.2
3,375.5
3,903.3
22.5
4.1
51.1
77.6
28.2
4.0
50.9
83.1
70.9
69.1
2,746.5
3,018.5
2,817.5
3,087.6
2.4
2,819.9
6,273.0
2.4
3,089.9
7,076.3
18
Spandana 2.0
Vision 2025
Fulfilling dreams of an Aspirational India
Growing the micro finance portfolio…
…fulfilling other financial product needs (secured & unsecured) of the customer
19
Key priorities in the growth journey
Strengthen Managerial Team
Focus of Field Operations
Governance, Control, Risk management & Processes
Explore partnership models on Distribution side
Meet customer needs
Audit, controls & monitoring
Technology upgrades
Lending partners
Technology to drive Efficiency & Productivity
20
We will focus on growing its microfinance book. AUM of ₹15,000 Cr by FY25 Build an incremental 10%-15% secured portfolio from other businesses
Continue to build new
lender relationships
Risk, Internal controls & strong audit processes
being consolidated further
Continue to strengthen
management team
(middle and senior)
Streamline processes
Geographic expansion
₹15,000 Cr Microfinance AUM by FY25
Improve Productivity
and Efficiency
Scale up employees
Product refinements
21
Well defined strategy of new customer acquisition to deliver AuM Growth
AUM growth FY22-FY25
New Customer Acquisition Strategy
Total AUM – 15,000
▪ Source customers from deep rural and semi-urban locations where the reach of formal financing channels is
▪ Focus to be on customer acquisition both through organic business operations and through BC / Co-lending model
Led by Ticket size
Led by new customers
1,327
7,092
relatively weak
▪ Build a ~10% secured book which includes products like affordable housing, LAP, Gold loans, Tractor loans, Two-
wheeler loans etc.,
▪ Meet funding requirements of Nano enterprises including through Working capital loans, LAP etc.,
6,581
6,581
▪ Product suite to be refined to ensure that Spandana meets the life cycle requirements of all our customers,
including secured products
▪ Spandana will explore possibility to graduate existing microfinance customers to higher ticket individual
loan
products
Existing Customer Engagement
▪ Look for cross-sell opportunities through partnerships that are a win-win-win for Customer, Partner and Spandana
▪ Develop fin-tech partnerships that enable Spandana to provide investment avenues to its long term customers
▪ Build partnership with a banking organization that will help Spandana mobilize low cost deposits for its banking
partners
2022
2025
22
Steering Progress through Technology
Current State
Web & mobile based technologies with Anytime + Anywhere access
Compliance to all Regulatory requirements
Comprehensive audit trail with robust maker-checker systems
Tightly integrated system from Loan Origination to General Ledger
Cloud based scalable infrastructure
Implemented FIMO – Disbursement started from Q4
Flexible workflow management and seamless integration with Credit Bureaus (CIBIL, HiMark, Equifax);
Implemented business process with CGT (Compulsory Group Training) and GRT (Group Recognition Test); Streamlined process for KYC document uploads
Fully automated sanction process with tight workflow from CB investigation and document printing to sanction
Regular advance and overdue collections; Enabled all required MIS
Provisions for Claims settlement, Write-offs and other nuances already built into the system; Configurable product schemes and fee structures
MIS reports on portfolio with drill down facilities enabled; Configurable Chart of Accounts with no requirement for a dedicated ERP
Implementing HRMS to streamline and automate all payroll processes
Attendance and leave management processes to be standardized and conducted completely via the system
Overall System Architecture
Loan Origination System
Loan Management System
HRMS
Future State
Core platforms and applications
IT Transformation
Digitization & Automation
Data & Governance
Advanced analytics
Stable & scalable infrastructure
Data Security & Business Continuity
To build Rs.15,000 crs on-book Microfinance AUM by FY25
Particulars
No. of Branches
Customers (In Lakhs)
Disbursement (Rs. Crs)
FY22
1,120
23.5
3,373
Average borrower indebtedness
32,000
AUM (Rs. Crs)
6,581
FY23
1,120
28
8,100
33,000
9,243
FY25
1,500
40
18,000
47,800
18,164
24
Company :
Spandana Sphoorty Financial Limited CIN: L65929TG2003PLC040648
www. spandanasphoorty.com
THANK YOU