SKS Microfinance incurs net loss of Rs 330 crore in Q4

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SKS incurs net loss of Rs 330 crore in Q4
SKS Microfinance: Quotes, News
BSE 918.55BSE Quote1.05 (0.11%)
NSE 919.80NSE Quote1.9 (0.21%)
SKS Microfinance Ltd, the only listed Microfinance company posted net loss of Rs 330 crore for the quarter ending March 31, 2012.

SKS Microfinance has also brought down the residual Andra Pradesh exposure to RS 236 crore from a high of Rs 1,491 crore in October by writing off Rs 273 crore in Q4 FY12 resulting in a loss of Rs 330 crore in Q4.

However, the company has healthy cash and balance of Rs 669 crore and net worth of Rs 435 crore and strong capital adequacy of 35.4% as of March 31, 2012.

SKS chief financial officer Dilli Raj said,“Post the draw-down of Rs 1,000 crore in Q4 of FY12, which is 2.4 times larger than the sum of Rs 417 crore obtained during the nine months ended March 2011, the funding concerns are behind us,”.

The company said it has reduced its headcount to 16,194 from 22,733 in the year-ago period. Loan disbursement was Rs.793 crore. Loan recovery rates are at 95% in 17 states it operates in, other than Andhra Pradesh.

The shares of the company on Monday were lower 3.70% at Rs 91.20 at 11.15 am IST on BSE.

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