SKS Microfinance Q2 net rises 37%

SKS Microfinance today posted a 37.2 per cent increase in its net profit at Rs 77.86 crore for the second quarter ended September 30, 2015.

Its net profit stood at Rs 56.75 crore in the same period of the previous fiscal.

"Total income has increased to Rs 324.29 crore for the quarter ended September 30, 2015 from Rs 201.02 crore for the quarter ended September 30, 2014," it said in a filing to BSE.

The company said it also provided for minimum alternate tax (MAT) liability of Rs 23.30 crore during the quarter.

"The MAT credit entitlement amounting to Rs 47.57 crore as on September 30, 2015 has not been recognised as an asset on the balance sheet.

"The said sum of Rs 47.57 crore will be available to offset future normal tax liability of the company," it said.

In a separate regulatory filing, the company said the Small Industries Development Board of India has nominated K G Alai, Chief General Manager, SIDBI, in place of P Krishnamurthy, as nominee on the board of the company.

Alai will assume the charge of the Director post completion of requisite formalities, it said.

Shares of the company closed at Rs 448.95 apiece on the BSE, down 1.83 per cent from its previous close.