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Spandana Sphoorty: Buy Spandana Sphoorty, target price Rs 840: ICICI Securities

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ICICI Securities has buy call on Spandana Sphoorty Financial Ltd with a target price of Rs 840. The current market price of Spandana Sphoorty is Rs 567.55.
Spandana Sphoorty Financial Ltd, incorporated in the year 2003, is a Mid Cap company with a market cap of Rs 3649.90 Crore, operating in NBFC sector.
Spandana Sphoorty Financial's key Products/Revenue Segments include Income From Financial Services for the year ending 31-Mar-2020.
Investment Rationale
Company's collections (excluding arrears) fell to 92 per cent in April’21 and 82 per cent in May’21 from 96 per cent in March’21. While lower collections in near-term due to covid second wave pose risk to asset quality (expect credit loss of ~2-3 per cent in FY22), ICICI Securities believe, Spandana’s cost-efficient business model will help it gain industry-leading profitability. Further, the company's diversified operations with ~78 per cent districts, having less than 0.5 per cent exposure per district, provisioning buffer at Rs 0.8 billion (~1 per cent of on-balance sheet loans) and healthy capital position (CAR 40 per cent) will ensure that micro finance company will see normalcy quicker than its peers, ICICI Sec added.

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