SKS Microfinance, the country’s only listed microfinance lender, may raise Rs 3,000 crore during the next fiscal to meet its lending requirements, a senior official of the company has said.
S. Dilli Raj, Chief Financial Officer, SKS, said the recent rate cut by the Reserve Bank of India is expected to show its effect on the borrowing rates from April onwards.
“Basically in terms of FY’14, we are talking about Rs 3,000 crore incremental debt raising and a disbursement of Rs 5,000 crore, which will result in a portfolio outstanding of Rs 3,000 crore by the year-end,” Dilli Raj told PTI.
“One third of Rs 3,000 crore will be through securitisation and the remaining will be term loan and other instruments,” he added.
SKS, which had to make Rs 1,350 crore as provisioning towards bad loans in the past few quarters, reported Rs 1.2-crore profit in Q3 FY’13 compared with a loss of Rs 428 crore in Q3 FY’12.
The company has earned a profit after seven consecutive quarters of losses on account of provisioning and rise in advances.
During October-December quarter, the total income fell to Rs 85 crore from Rs 83.82 crore in the same period a year ago.
For the nine months ended December 2012, SKS incurred a net loss of Rs 299.84 crore compared to Rs 1,031 crore in the same period of the previous fiscal.
The microfinance lender had raised Rs 981 crore through securitisation in the current fiscal and another Rs 1,500 crore through various modes.