SKS Microfinance posts Rs.2.70 crore profit for Q4

SKS Microfinance Limited, India's only listed micro lender, has posted Rs.2.70 crore net profit for the fourth quarter that ended March 31.

The company had clocked Rs.1.2 crore net profit during the previous quarter, when it achieved turnaround after losses in seven consecutive quarters due to the crisis in microfinance sector in Andhra Pradesh.

The company had incurred a loss of Rs.330 crore during the Q4 of 2011-12. For the full year 2012-12, the company's net loss was Rs.297 crore, down from Rs.1,361 crore during the previous year, said a statement by SKS Microfinance.

Total income from operations grew by 44 per cent to Rs.95 crore during the Q4 against Rs.66 crore during the corresponding quarter of 2011-12. The income for the full year, however, came down by nearly 24 per cent to Rs 332 crore from Rs 436 crore during 2011-12.

The company said it could improve profitability on account of robust growth in assets with the core interest income in non-Andhra Pradesh states increasing by 15 percent to Rs. 90 crore in Q4 from Rs.78 crore in the previous quarter.

The company's loan disbursements rose by 65 percent to Rs.1,295 crore in Q4 from Rs.784 crore in October-December period.