SKS Microfinance Ltd has posted a net loss of Rs 330 crore in the fourth quarter ended March 31, 2012.
In the year-ago period, the Hyderabad-based company suffered a loss of Rs 170 crore.
The loss was due to Rs 272-crore write-off in Andhra Pradesh portfolio, the company said in a release.
The net residual exposure in Andhra Pradesh was at Rs 236 crore as against Rs 1,491 crore in October 2010 when the AP Microfinance (Regulation of Moneylending) Act was put in place.
The total revenue had decreased 62 per cent to Rs 66 crore (Rs 175 crore).
For the full year, the loss was at Rs 1,360 crore. In the previous year, it earned a profit of Rs 111 crore.
NON-AP BUSINESS
The total outstanding portfolio in non-AP States came down to Rs 1,320 crore (Rs 2,700 crore). When contacted, Mr Dilli Raj, Chief Financial Officer, SKS, told Business Line that the decline in non-AP portfolio was reversed.
“The dip in previous five quarters was mainly due to supply-side constrains for us. The collections and demand have been good. With good funding on hand, we stepped up disbursals from last quarter,” he said.
The portfolio in non-Andhra Pradesh States had grown 11 per cent quarter-on-quarter to Rs 1,320 crore.
SKS had also trimmed its size significantly to reduce operating costs to Rs 81 crore from Rs 106 crore in the year-ago period.
The number of branches has been reduced from 2,379 to 1,461, while the staff came down to 16,194 (22,733).
SKS's scrip declined 1.35 per cent on the Bombay Stock Exchange on Monday to end at Rs 94.70.
nagsridhu@thehindu.co.in