*Spandana Sphoorty Financial Ltd. - S* | *CMP* Rs. 290 | *M Cap* Rs. 2070 Cr | *52 W H/L* 803/214 (Nirmal Bang Retail Research) *Result is declining* NII came at Rs. 179.1 Cr vs YoY Rs. 358.8 Cr (-50.1% YoY) QoQ Rs. 248.6 Cr PBP came at Rs. 27.2 Cr vs YoY Rs. 245.8 Cr (-88.9% YoY) QoQ Rs. 78.3 Cr Provision came at Rs. 572 Cr vs YoY Rs. 82.1 Cr, QoQ Rs. 604.3 Cr PAT came at Rs. -410.2 Cr vs YoY Rs. 122.3 Cr (-435.3% YoY) QoQ Rs. -393.9 Cr AUM came at Rs. 6819 Cr (-43%YoY, -23.7% QoQ) vs YoY Rs. 11973 Cr, QoQ Rs. 8936 Cr Disbursements came at Rs. 365 Cr (-91%YoY, -75%QoQ) vs YoY Rs. 3970 Cr, QoQ Rs. 1443 Cr Gross NPA (%) came at 5.63% vs QoQ 4.85% Net NPA (%) came at 1.19% vs QoQ 0.96% Quarter EPS is Rs. -57.5 Stock is trading at & 0.8x trailing P/BV