SKS Microfinance gains on turnaround Q4 earnings
Q4 net profit at Rs 2.7 crore against loss of Rs 330 crore in year ago quarter.
SKS Microfinance is trading higher by 5% at Rs 134 after reporting a net profit of Rs 2.7 crore for the quarter ended March 31, 2013 (Q4) against loss of Rs 330 crore in year ago quarter. Total income rose nearly 44% to Rs 95 crore from Rs 66 crore year-on-year.
“The company could improve profitability on account of robust growth in assets with the core interest income in non-Andhra Pradesh states increasing by 15% to Rs 90 crore in Q4-FY13 from Rs 78 crore in Q3-FY13,” SKS Microfinance, India’s only listed micro lender, said in press release.
The company said its cost of borrowing has come down significantly to 12% in Q4-FY13 from 13.2% in Q3-FY13 while collection efficiency in 16 non-AP states has further improved to 99.9% (99.8% in Q3-FY13, 99.2% in Q2-FY13 and 97.6% in Q1-FY13).
The stock opened at Rs 135 and hit a high of Rs 139 on NSE. A combined 320,074 shares have changed hands on the counter in early morning deals on NSE and BSE.
“The company could improve profitability on account of robust growth in assets with the core interest income in non-Andhra Pradesh states increasing by 15% to Rs 90 crore in Q4-FY13 from Rs 78 crore in Q3-FY13,” SKS Microfinance, India’s only listed micro lender, said in press release.
The company said its cost of borrowing has come down significantly to 12% in Q4-FY13 from 13.2% in Q3-FY13 while collection efficiency in 16 non-AP states has further improved to 99.9% (99.8% in Q3-FY13, 99.2% in Q2-FY13 and 97.6% in Q1-FY13).
The stock opened at Rs 135 and hit a high of Rs 139 on NSE. A combined 320,074 shares have changed hands on the counter in early morning deals on NSE and BSE.