SKS Q1 posts net loss of Rs 39 crore

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SKS Q1 posts net loss of Rs 39 crore
SKS Microfinance: Quotes, News
BSE 696.25BSE Quote18.7 (2.69%)
NSE 695.80NSE Quote19.6 (2.82%)
SKS Microfinace has reported net loss of Rs 39 crore for the June quarter against a loss of Rs 219 crore in the corresponding quarter of previous year.

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

Branch consolidation and headcount rationalisation continued in Q1FY13. Branches reduced by 103 and headcount reduced by 2,619 QoQ. The company said that it has a healthy cash and bank balances of Rs. 403 Crs, said in the press release.

We raised incremental debt of Rs 1,360 crore in Q4-FY12. The write-off of Rs 1,128 crore on the AP portfolio cleansed the balance sheet," said S Dilli Raj, Chief Financial Officer, SKS Microfinance.

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.

The shares of the SKS ended 0.72% down at Rs 90.15 on the BSE. 

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