Bharat Financial

The company posted a net profit of Rs.40.5 crore v/s Rs.41.1 crore in Q3 and this flat movement was flat largely due to an increase in standard asset provisioning of Rs.10

crore and a MAT expense of Rs. 6 crore. Its gross loan portfolio excluding the states of Andhra Pradesh and Telangana registered a 47% (YoY) rose at Rs.4171 crore and 31% rise sequentially. The company raised incremental debt of Rs.5,020 crore in FY15, a 43% rise. In FY15, the company completed securitization transactions worth Rs.1,559 crore and it issued Non-Convertible Debentures worth Rs. 200 crore.

Loan disbursement rose to Rs. 2,494 crore in Q4FY15, up 58% (YoY) and up 62% (QoQ). The total number of loans disbursed witnessed a 39% (YoY) rise to 18.57 lakh in Q4 while total disbursement in FY15 increased

by 44% to Rs. 6,891 crore. Non-AP Portfolio grew 47% (YoY) and 31% (QoQ) to Rs.4171 crore as end of FY15. Cost-to-income for FY15 was at 61.1% v/s 74.5% in FY14. AP exposure of Rs. 1,360 crore written off/ provided for.

Its cost of interest bearing liabilities reduced by 1.1% from 12.9% (QoQ) to 11.8% (including processing fees paid on loans on balance sheet). The unavailed deferred tax benefit of Rs. 489 crore and minimum alternate tax (MAT) credit of Rs. 5.2 crore will be available to offset tax on future taxable income. As of March 31, 2015, SKS Microfinance had a net worth of Rs. 1,046 crore and a capital adequacy of 31.7%. Cash and cash equivalents stood at Rs. 1,437 crore.

At end of Q4FY15, the company had 1255 branches, down from 2403 in Q3FY11. Headcount was down 65% at 8932 v/s 25,735 in FY11. Gross NPA for FY15 was at 0.1% (0.1% in FY14) and Net NPA came down from 0.1% to 0.05%. Collection efficiency was at 99.8%.