Since the new management took charge in Mar’22, Spandana Spoorthy (Spandana) embarked on a transformation journey to build a long-term sustainable micro-finance business model. Ever since, Spandan’s earnings trajectory kept improving (all the past six quarters) – RoA expanding to 5.5% by Q2FY24, from 2.9% in Q2FY23; RoE expanding to 15% by Q2FY24, from 8% in Q2FY23.