SKS Microfinance: Strong growth continues alongside headwinds.:: Kotak Sec,

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SKS Microfinance (SKSM)
Banks/Financial Institutions
Strong growth continues alongside headwinds. SKS Microfinance reported PAT of
Rs810 mn, up 117% yoy on the back of 81% growth in loan assets, marginal
improvement in NIM and somewhat better operating leverage. Operating performance
remains strong though investor confidence in SKS’s long-term growth prospects in light
of recent regulatory developments is key to near-term stock performance. We believe
SKS’s business models remains robust through significant headwinds pose risks to nearterm
growth.