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SKS Microfinance Ltd has posted a net loss of Rs 70 crore in the fourth quarter ended March 31, 2011, as per the un-audited financial results announced on Friday.
In the corresponding quarter of previous year, the Hyderabad-based company had earned a net profit of Rs 62.89 crore.
The total income decreased 37 per cent at Rs 187.66 cr (Rs 300 crore).
The company's scrip hit an all-time low of Rs 331.30, registering a decline of 19.83 per cent on Bombay Stock Exchange on Friday after opening at Rs 410.
As per the audited results, the net profit of the country's only listed MFI for the full year ended March 31, 2011, decreased 35.8 per cent at Rs 111 crore (Rs 174 crore) .
Total income, however, had gone up to Rs 1245 crore (Rs 927 crore).
The earnings per share stood at Rs 15.24
WRITE-OFFS
SKS Micro, which has been hit by AP MFI (Regulation of Money lending) Act introduced in October 2010 and the subsequent halt in disbursals of fresh loans and collection of dues, had marked Rs 236 crore for provisioning and write-offs.
The loss in the fourth quarter was a “direct result” of provisioning necessitated by the AP MFI Act, Mr Dilliraj, CFO, SKS Microfinance, said in a release.
As on March 31, 2011, SKS had a net worth of Rs 1781 crore and a capital adequacy ratio of 45 per cent.
The company was planning to open 50 branches exclusively for lending against gold jewellery in the first quarter of current financial year.
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