Spandana Sphoorty rallies as board appoints Ashish Kumar Damani as interim CEO

The appointment was recommended by the nomination and remuneration committee (NRC). Damani currently serves as Spandana's president and chief financial officer.

Damani has over 23 years of experience in the microfinance industry. Before joining Spandana in March 2022, he held various roles at Bharat Financial Inclusion , including that of CFO. He played a key role in guiding the company through sectoral challenges and led a borrowing program of Rs 12,000 crore prior to Bharat Financial's merger with IndusInd Bank. Damani is an alumnus of IIM Ahmedabad (AGMP) and holds a PGDBA from Symbiosis, Pune.

Meanwhile, the board announced the resignation of Managing Director and CEO Shalabh Saxena, effective immediately.

Saxena, who led the microfinance firm for over three years, stepped down to pursue other career opportunities. He will continue to support the company during his notice period to ensure a smooth leadership transition.

Spandana Sphoorty Financial is primarily engaged in the business of microfinance, providing small-value unsecured loans to low-income customers in semi-urban and rural areas.

The company reported a consolidated net loss of Rs 440.19 crore in Q3 FY25, compared with a net profit of Rs 127.40 crore posted in Q3 FY24. Revenue from operations tanked 12.8% year on year to Rs 572.59 crore in Q3 FY24.