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Saturday, August 4, 2012

SKS Micro pares Q1 loss to Rs 39 crore

SKS Microfinance Ltd has registered a loss of Rs 39 crore for the quarter ended June 30 against a loss of Rs 219 crore in the comparative quarter of last fiscal.

However, the company said it has narrowed the losses compared to the last quarter of fiscal 2011-12, when it was Rs 329 crore.

The revenues of company fell to Rs 79 crore during first quarter compared to Rs 177 crore in the comparative quarter of last year.

In a press release, the company said its revenues for non-Andhra Pradesh States increased by 11 per cent to Rs 79 crore during the quarter. The operations in AP have come to a halt.

“We raised incremental debt of Rs 1,360 crore in Q4-FY12 and held a cash and bank balance of Rs 403 crore at the end of Q1-FY-13.

The write-off of Rs 1,128 crore on the AP portfolio cleansed the balance-sheet. Now the focus is on P&L and hence the headcount and branch network rationalisation.

Our immediate priority is to return to the path of profitability and with the capital raise we should reach there sooner than later,” said S. Dilli Raj, Chief Financial Officer, SKS said.


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