SKS Microfinance Q3 net up 93% at Rs 80 cr

SKS Microfinance Limited has reported a 93.63% jump in net profit at Rs 79.5 crore for the quarter ended December, 2015 on the back of higher top-line growth. The company's net profit during the corresponding quarter last year was Rs 41.05 crore.

Total income from operations grew 60.6% to Rs 307.25 crore from Rs 184.41 crore in the corresponding previous quarter. The company announced that its gross loan portfolio excluding the states of Andhra Pradesh and Telangana registered a 93% growth at Rs 6,177 crore as compared with Rs 3,195 crore in the year ago period.

Total expenses during the quarter under review increased by 23.47% at Rs 107.59 crore as compared to Rs 87.14 crore in the corresponding quarter previous year.

The net deferred tax asset amounting to Rs 388.60 crore as at December 31, 2015 has not been recognised and the same will be available to offset tax on future taxable income, according to company.

"Also, a minimum alternate tax (MAT) benefit of Rs 24 crore in the third quarter has conservatively not been availed as profit and loss credit, despite supporting accounting standards in favour of recognition," SKS management said in a statement. The total MAT credit of rs 71 crore as of December, 2015 is also available to offset actual tax liability in future, according to the company.