SKS Microfinance surges on turnaround Q1 results
The company has posted net profit Rs 5 crore in June 2013 quarter against the loss of Rs 39 crore in year ago quarter.
SKS Microfinance has surged 7% to Rs 107 after reporting a net profit of Rs 5 crore for the quarter ended June 2013 (Q1-FY14) against the loss Rs 39 crore in the corresponding quarter the previous year helped by increase in loan disbursements.
“The company has registered a four-fold increase in operating profit to Rs 16 crore in Q1-FY14 from Rs 4 crore in March quarter” SKS Microfinance, India’s only listed micro-lender said in a press release.
In June quarter last year, the company had incurred a loss of Rs 39 crore.
The company’s net interest income increased by 26% year-on-year to Rs 63 crore in Q1-FY14 as loan disbursements registered a 51% increase to Rs 830 crore over the previous year quarter.
The stock opened at Rs 105 and hit a high of Rs 108 on NSE. A combined around 698,230 shares already changed hands on the counter in early morning deals against an average sub one million shares that were traded daily in past two weeks.
“The company has registered a four-fold increase in operating profit to Rs 16 crore in Q1-FY14 from Rs 4 crore in March quarter” SKS Microfinance, India’s only listed micro-lender said in a press release.
In June quarter last year, the company had incurred a loss of Rs 39 crore.
The company’s net interest income increased by 26% year-on-year to Rs 63 crore in Q1-FY14 as loan disbursements registered a 51% increase to Rs 830 crore over the previous year quarter.
The stock opened at Rs 105 and hit a high of Rs 108 on NSE. A combined around 698,230 shares already changed hands on the counter in early morning deals against an average sub one million shares that were traded daily in past two weeks.