 "Bharat Financial hits fresh 52-week high on strong Q1 earnings")
Bharat Financial Inclusion (formerly SKS Microfinance) has rallied 6% to Rs 811, also its fresh 52-week high on the BSE in early morning trade, after the company reported nearly four-fold jump in net profit at Rs 236 crore for the quarter ended June 30, 2016 (Q1FY17).
The microfinance company had profit of Rs 61 crore in the year ago quarter. The company said it recognized a MAT (minimum alternative tax) credit of Rs 97 crore.
Total income from operations grew 53% at Rs 369 crore in June quarter against Rs 241 crore in the corresponding quarter of previous fiscal.
The company’s weighted average cost of borrowing reduced to 10.7% in Q1-FY17 from 11.1% in Q4-FY16 and 11.9% in Q1-FY16, Bharat Financial Inclusion said in a statement.
During Q1-FY17, the company added 7.7 lakh borrowers and ended the quarter with a borrower base of 50.9 lakhs (10% increase QoQ and 38% increase YoY), it added.
At 09:44 AM, the stock was up 5.8% at Rs 808 on the BSE on back of heavy volumes. A combined 1.85 million shares have changed hands on the counter in first 15 minutes of trade on the BSE and NSE.
The microfinance company had profit of Rs 61 crore in the year ago quarter. The company said it recognized a MAT (minimum alternative tax) credit of Rs 97 crore.
Total income from operations grew 53% at Rs 369 crore in June quarter against Rs 241 crore in the corresponding quarter of previous fiscal.
The company’s weighted average cost of borrowing reduced to 10.7% in Q1-FY17 from 11.1% in Q4-FY16 and 11.9% in Q1-FY16, Bharat Financial Inclusion said in a statement.
During Q1-FY17, the company added 7.7 lakh borrowers and ended the quarter with a borrower base of 50.9 lakhs (10% increase QoQ and 38% increase YoY), it added.
At 09:44 AM, the stock was up 5.8% at Rs 808 on the BSE on back of heavy volumes. A combined 1.85 million shares have changed hands on the counter in first 15 minutes of trade on the BSE and NSE.