Microfinance

SKS Microfinance reports 116% increase in Q2 net profit at Rs 80.54 Crore

SKS Microfinance, India’s largest microfinance company has reported a jump of 116% in it’s net profit at Rs 80.54 Crore in the second quarter ending 30 September 2010, from the Rs 37.35 crore it reported in the corresponding period last year.The company’s revenues also rose 75% to touch Rs 373 crore.

Incremental loan disbursements in the second quarter increased by 61% to Rs 3,171 crore while the gross loan portfolio increased 69% to Rs 5,434 crore.The gross loan portfolio includes assigned loans of Rs 486 crore. Earnings per share (EPS) has improved to Rs 11.74 at the end of September 2010 compared to Rs 7.77 in the corresponding period of 2009.sks microfinance

Sources have confirmed that SKS Microfinance’s top secret board meeting which was held at an undisclosed but secure location, was attended by the company’s former CEO Suresh Gurumani. Mr Suresh Gurumani was sacked a few weeks ago but was reinstated as a Director of SKS Microfinance on the orders of the courts of Andhra Pradesh.

SKS Microfinance’s stock was down 4.78% at Rs 1,053 on the Bombay Stock Exchange on Friday. The results were announced after trading hours and analysts expect the stock to stage a relief rally on Monday.

Details of SKS Microfinance’s Half Yearly Results from 01-Apr-2010 to 30-Sep-2010 (First Half) are given below.The results are Unaudited, Cumulative and Non-Consolidated.

Description Amount(Rs. in lakhs)
Net Sales/Income from Operations 62590.66
Other Operating Income 4722.23
Increase/Decrease in Stock in trade and work in progress
Consumption of Raw Materials
Purchase of traded goods
Employees Cost 16935.53
Depreciation 897.76
Other Expenditure 11848.42
Total Expenditure 29681.71
Profit from Operations before Other Income, Interest & Exceptional Items 37631.18
Other Income 1309.17
Profit before Interest & Exceptional Items 38940.35
Interest 16404.44
Profit after Interest but before Exceptional Items 22535.91
Exceptional items
Profit(+)/Loss(-) from Ordinary Activities before tax 22535.91
Tax Expense 7811.47
Net Profit(+)/Loss(-) from Ordinary Activities after tax 14724.44
Extraordinary Items
Net Profit (+) / Loss (-) for the period 14724.44
Dividend (%)
Face Value (in Rs.) 10.00
Paid-up Equity Share Capital 7199.85
Reserves excluding Revaluation Reserves
Basic EPS before Extraordinary items (in Rs.) 22.12
Diluted EPS before Extraordinary items (in Rs.) 20.66
Basic EPS after Extraordinary items (in Rs.) 22.12
Diluted EPS after Extraordinary items (in Rs.) 20.66
Public Shareholding (Number of Shares) 45323015.00
Public Shareholding (%) 62.95
Promoter & Promoter group Number of Shares Pledged / Encumbered 0.00
Promoter & Promoter group Shares Pledged / Encumbered (as a % of total shareholding of Promoter and Promoter Group)
Promoter & Promoter group Shares Pledged / Encumbered (as a % total share capital of the company)
Promoter & Promoter group Number of Shares Non-encumbered 26675527.00
Promoter & Promoter group Shares Non-encumbered (as a % of total shareholding of Promoter and Promoter Group) 100.00
Promoter & Promoter group Shares Non-encumbered (as a % total share capital of the company) 37.05

Remarks:

1.Other Expenditure= Provisions and Write Off of Rs. 2926.72 lacs + Operating and Other Expenses of Rs. 8921.7 lacs.

2.The Company operates in a single segment i.e. Lending to members.

Details of SKS Microfinance’s 2nd Quarter Results from 01-July-2010 to 30-Sep-2010 (F2nd Quarter ) are given below. The results are Unaudited, Cumulative and Non-Consolidated.

Description Amount(Rs. in lakhs)
Net Sales/Income from Operations 34165.08
Other Operating Income 2491.71
Increase/Decrease in Stock in trade and work in progress
Consumption of Raw Materials
Purchase of traded goods
Employees Cost 8785.15
Depreciation 476.44
Other Expenditure 6536.81
Total Expenditure 15798.40
Profit from Operations before Other Income, Interest & Exceptional Items 20858.39
Other Income 603.81
Profit before Interest & Exceptional Items 21462.20
Interest 9077.67
Profit after Interest but before Exceptional Items 12384.53
Exceptional items
Profit(+)/Loss(-) from Ordinary Activities before tax 12384.53
Tax Expense 4329.82
Net Profit(+)/Loss(-) from Ordinary Activities after tax 8054.71
Extraordinary Items
Net Profit (+) / Loss (-) for the period 8054.71
Dividend (%)
Face Value (in Rs.) 10.00
Paid-up Equity Share Capital 7199.85
Reserves excluding Revaluation Reserves
Basic EPS before Extraordinary items (in Rs.) 11.74
Diluted EPS before Extraordinary items (in Rs.) 10.99
Basic EPS after Extraordinary items (in Rs.) 11.74
Diluted EPS after Extraordinary items (in Rs.) 10.99
Public Shareholding (Number of Shares) 45323015.00
Public Shareholding (%) 62.95
Promoter & Promoter group Number of Shares Pledged / Encumbered 0.00
Promoter & Promoter group Shares Pledged / Encumbered (as a % of total shareholding of Promoter and Promoter Group)
Promoter & Promoter group Shares Pledged / Encumbered (as a % total share capital of the company)
Promoter & Promoter group Number of Shares Non-encumbered 26675527.00
Promoter & Promoter group Shares Non-encumbered (as a % of total shareholding of Promoter and Promoter Group) 100.00
Promoter & Promoter group Shares Non-encumbered (as a % total share capital of the company) 37.05

Remarks:

1.Other Expenditure= Provision & Write Off of Rs. 1730.89 lacs + Operating and Other Expenses of Rs. 4805.92 lacs.

2.The Company operates in a single segment i.e. Lending to members.

Abhay N

Author : 

Abhay is the founder and managing editor of India Microfinance. He is passionate about microfinance, financial inclusion and social entrepreneurship in India.

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