Bharat Financial
SKS Microfinance reported a turnaround in its Q4FY13 numbers. It posted a net profit of Rs 2.7 crore v/s a net loss of Rs.330 crore in Q4FY12. Total income rose 44% at Rs.95 crore (YoY). The company has stated that it could vastly improve the performance due to robust growth in assets with the core interest income in non-Andhra Pradesh states increasing by 15% to Rs 90 crore in Q4FY13 v/s Rs.78 crore in Q3FY13. What also helped is that is the decline in its cost of borrowings. It has come down significantly to 12% from 13.2% (QoQ) and at the same time, collection efficiency in 16 non-AP states improved to 99.9% v/s 99.8% in Q3 and much better than 97.6% in the first quarter of Fy13.
The company's loan disbursements surged 65% to Rs 1295 crore in Q4 March 2013 over Q3 December 2012 while incremental draw downs registered a 201% jump on sequential basis to Rs 1704 crore in Q4 March 2013. The non-Andhra Pradesh loan portfolio outstanding on sequential basis surged 35% to Rs 2016 crore in Q4 March 2013. The company’s CAR at end of FY13 stood at 32.8% and cash and bank balance was at Rs.895 crore. Net worth as at 31st March 2013 was at Rs.390 crore. But overall the year was a drag and that showed in the overall performance of the company. It ended FY13 with a net loss of Rs.297 crore, lower than the net loss of Rs.1361 crore of FY12. Looks like FIIs have faith back in the company as they have increased their stake to 35.94% at end of Fy13 compared to 13.41% stake at end of FY12.