Spandana Sphoorty Financial Ltd

- There is no explicit mention of any upcoming or planned new fundraising through debt or equity in the provided transcript. - However, the company is focusing on improving its liability mix quality, with increasing contribution from banks (52% currently, expected to rise to over 65% by year-end), which will help reduce cost of borrowings. - The management expects cost of borrowing to improve following the recent rating upgrade to A+ Stable. - They have been actively borrowing to support growth, with significant borrowing of ₹10,441 crores in FY'24 (81% growth YoY). - No specific plans were detailed regarding fresh equity issuance or debt raising beyond the ongoing liability management and borrowing strategies.

- Investments in new business verticals like loan against property (LAP) and nano enterprise loans will continue in the next year (FY'25) as part of strategic expansion. - The company has operationalized 62 branches under its subsidiary Criss Financial across five states, with plans to scale up cautiously. - Employee benefit expenses have risen due to upfront hiring to support new business ventures, indicating ongoing investments in talent and technology. - Distribution expansion was front-loaded by preponing the opening of 1,642 branches (vs. the planned 1,500 by FY'25 end), causing upfront costs but aiming to optimize productivity going forward. - Capital expenditure is largely geared toward expanding distribution and enhancing technology solutions for the new business verticals. - The plan is for gradual, calibrated branch expansion in the weekly loan repayment model, avoiding wholesale changes to protect organizational balance. - Overall, investments will persist but with a focus on driving productivity and efficiency by FY'25 end.

- Spandana aims for a 20% to 25% loan growth in FY’25, targeting an AUM of around ₹14,500 to ₹15,000 crores from about ₹12,000 crores currently. - The company projects a customer base of 4 million by FY’25, having added 1.4 million customers in FY’24 (59% growth YoY). - Growth is driven mainly by new customer acquisition (62% growth in disbursement to new customers in FY’24). - The focus is on geographic diversification, avoiding concentration risk by keeping any single state under 13% of AUM by FY’25. - Spandana plans expansion in new micro LAP segments with a target book size of ₹400-500 crores and 100 branches during FY’25. - The business plans to improve productivity and efficiency, with the core microfinance business expected to deliver better returns by FY’25 end. - The company maintains a long-term growth vision of reaching ₹28,000 crores AUM by FY’28, growing at ~22% annualized rate.

- Earnings growth is robust with FY’24 PBT at ₹671 crore (up from ₹18 crore in FY’23) and PAT at ₹501 crore. - Net Interest Income (NII) grew 59% YoY to ₹1,289 crore; PPOP rose 70% YoY to ₹953 crore, indicating improving operating earnings. - Management targets sustained growth with AUM projected to grow 20%-25% annually, aiming for ₹28,000 crore by FY’28 ("28 by 28" theme). - Cost-to-income ratio expected to normalize below 40% by FY’25 end, improving operational efficiencies. - Credit costs expected to stabilize around 2%, supporting profitability, with ROA above 4.5% achievable in steady state. - Benefits from improved borrowing cost (due to rating upgrade) will be passed to customers; yields and NIM guidance remain stable around ~14%. - Investments in new businesses will continue but focus remains on scaling core microfinance for better productivity and profitability by FY’25.

The provided pages of the Spandana Sphoorty Financial Limited document do not contain any specific information regarding current or expected order book or pending orders. The discussion mainly covers: - Business growth, customer acquisition, and geographic expansion. - Asset quality, credit costs, pricing strategy, and profitability outlook. - Branch expansion and focus on weekly repayment models. - Financial performance highlights (AUM, disbursements, borrowings). - Future growth targets, including a 20%-25% AUM growth guidance for FY’25. - Technology and efficiency improvements. No explicit details on order book or pending orders are mentioned in the transcript provided.