SKS Microfinance posts net loss of Rs 39 cr

HYDERABAD: SKS Microfinance has recently posted its net loss at Rs 39 crore for the quarter ended June 30, 2012 which was Rs 329 crore for the quarter ended March 31, 2012.

The company’s total revenue from non-Andhra Pradesh states rose by 11% to Rs 79 crore in the Q1 of current fiscal year which was Rs 72 crore in the Q4 of previous fiscal.

S Dilli Raj, chief financial officer, SKS Microfinance stated, “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. We embraced the principle that, in a crisis period, cash flows are more important than balance sheet and balance sheet is more important than Profit & Loss (P&L).”

The company’s main focus is on P&L and therefore the headcount and branch network rationalization. In results, it reduced the number of branches by 103 and slashed headcount by 2,619 quarterly. The personnel cost of the company stood at Rs 48 crore in the month of April-June quarter as compared to Rs 56 crore in month of January-March quarter.