Since the new management took charge in Mar’22, Spandana Spoorthy (Spandana) has embarked on a transformation journey to build a sustainable long-term microfinance lending model. In all 5 quarters since then, earnings trajectory kept on improving and in Q1FY24 its RoA expanded to 5.9% vs 5.1% in Q4FY23, 3.7% in Q3FY23, 2.9% in Q2FY23 and net loss in Q1FY23.