SKS Microfinance net falls marginally on MAT expense, provisions

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Published: May 5, 2015 12:21:30 AM

SKS Microfinance posted a net profit of Rs 40.5 crore in the March quarter against R41.1 crore in the December quarter.

SKS Microfinance posted a net profit of Rs 40.5 crore in the March quarter against R41.1 crore in the December quarter. The decline was largely due to an increase in standard asset provisioning of R10 crore and a minimum alternate tax (MAT) expense of Rs 6 crore, the company statement said.

The company said the cost-of-interest-bearing liabilities fell 1.1% in Q4. The gross loan portfolio, excluding the states of Andhra Pradesh and Telangana, registered a 47% year-on-year increase to Rs 4,171 crore in Q4 from Rs 2,837 crore in Q4 of the previous fiscal.

In FY15, the company completed securitisation transactions worth Rs 1,559 crore rated as ‘AA (SO)’. The company issued non-convertible debentures worth Rs 200 crore and commercial paper worth Rs 225 crore in FY15. A QIP issue of Rs 398 crore was completed in May.

Loan disbursements grew to Rs 2,494 crore in Q4FY15, registering a 58% year-on-year increase from Rs 1,580 crore in Q4FY14 and a 62% quarter-on-quarter increase from Rs 1,544 crore in Q3FY15. The total number of loans disbursed witnessed a 39% year-on-year growth to 18.57 lakh in Q4FY15 from 13.36 lakh in Q4FY14. Total disbursements in FY15 increased 44% to Rs 6,891 crore from Rs 4,788 crore in FY14.

The unavailed deferred tax benefit of Rs 489 crore and MAT credit of Rs 5.2 crore will be available to offset tax on future taxable income. As of March 31, 2015, the company 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.

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