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Monday, October 29, 2012

SKS Micro pares net loss in Q2 to Rs 262 cr

SKS Microfinance reported a net loss of Rs 262.15 crore for the quarter ended September 30, as against a net loss of Rs 384.54 crore in the year-ago period.

Total income from operations was Rs 77.56 crore, as against Rs 121.83 crore in the second quarter of last fiscal.

India’s only listed microfinance firm said its loan disbursement in non-Andhra Pradesh States rose 25 per cent to touch Rs 690 crore during the quarter. Andhra Pradesh’s microfinance sector has been facing a crisis since October 2010.

Its core interest income in non-Andhra Pradesh States increased 7 per cent to Rs 68 crore. “The increasing growth momentum in non-Andhra Pradesh States helped the company report lower operating loss. During the quarter, the firm’s Andhra Pradesh portfolio reduced to zero from a high of Rs 1,491 crore before the crisis in October 2010,” it said in a statement.

S. Dilli Raj, Chief Financial Officer, said the company’s strategy to optimise its cost structure and cash-flow management helped it weather the AP microfinance crisis.

Its net worth stood at Rs 386 crore and capital adequacy at 37.1 per cent as of September 30.


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