SKS Microfinance posts profit of Rs 2.7 cr

SKS Microfinance, India's only listed micro lender, today said it made Rs 2.70 crore net profit for the fourth quarter ended March 31, 2012.

The company had posted a net loss of Rs 329 crore in the year-ago period.

Total income from operations grew by 44% to Rs 95 crore during the January-March, 2013 quarter from Rs 66 crore in the same quarter of 2011-12, SKS said in a statement.

For the full year ended March 31, 2013, the company said it has narrowed its net loss to Rs 297 crore from Rs 1,361 crore in the previous fiscal.

Total income for 2012-13 was, however, down by nearly 24% to Rs 332 crore from Rs 436 crore during 2011-12, the statement said.

SKS, which had to make Rs 1,350 crore payment as provisioning towards bad loans of Andhra Pradesh for some quarters in the past, reported profit of Rs 1.2 crore in the previous quarter (October-December, 2012).

Shares of SKS Microfinance today closed at Rs 127.65, up 1.03%, on the BSE. PTI GDK GK