SKS Microfinance slips post Q2 results

SKS Microfinance has slipped 5% to Rs 114 after reporting a net loss of Rs 262 crore for the quarter ended September 2012 compared to a loss of Rs 39 crore in the previous quarter due to higher provisioning. It had incurred a loss of Rs 385 crore in the corresponding quarter last fiscal.

Provisioning and write-offs during the quarter amounted to Rs 234 crore, as compared to less than Rs 10 crore in June 2012 quarter, SKS said in a statement.

The company's standalone income from operations grew single digit or 7% at Rs 78 crore on quarter-on-quarter basis. It had reported a total income of Rs 122 crore in the corresponding period last fiscal.

 

Meanwhile, the company said it has received a show cause notice from authorities demanding service tax of Rs 34.2 crore.

A combined around 1.7 million shares have changed hands on the counter in morning deals on the BSE and NSE.