SKS Microfinance jumped 5.41% to Rs 449 at 11:10 IST on BSE after net profit rose 91.62% to Rs 41.05 crore on 48.13% increase in total income to Rs 206.89 crore in Q3 December 2014 over Q3 December 2013.
The Q3 results was announced after market hours yesterday, 29 January 2015.
Meanwhile, the S&P BSE Sensex was down 200.35 points or 0.67% at 29,481.42.
On BSE, so far 3.74 lakh shares were traded in the counter as against average daily volume of 4.04 lakh shares in the past one quarter.
The stock hit a high of Rs 452 and a low of Rs 434 so far during the day. The stock had hit a 52-week high of Rs 475.75 on 19 January 2015. The stock had hit a 52-week low of Rs 169.30 on 4 February 2014.
The stock had underperformed the market over the past one month till 29 January 2015, rising 7.18% compared with Sensex's 8.34% rise. The scrip had, however, outperformed the market in past one quarter, gaining 34.9% as against Sensex's 9.53% rise.
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The mid-cap microfinance firm has equity capital of Rs 126.09 crore. Face value per share is Rs 10.
SKS Microfinance's board at its meeting held on 29 January 2015, approved a proposal for making an application to Reserve Bank of India (RBI) for getting a license for Small Finance Bank based on the Guidelines for Licensing of Small Finance Banks in the Private Sector issued by RBI on 27 November 2014 and clarification issued on 1 January 2015.
The company also announced that its portfolio excluding the states of Andhra Pradesh and Telangana registered a 35% increase to Rs 3195 crore in Q3 December 2014 over Q3 December 2013.
In Q3 December 2014, loan disbursements stood at Rs 1544 crore as against Rs 1693 crore in Q2 September 2014 and Rs 1399 crore in Q3 December 2013. While net interest income was at Rs 96 crore compared to Rs 110 crore in Q2 September 2014 and Rs 68 crore in Q3 December 2013.
The company had incremental draw-downs of Rs 931 crore in Q3 December 2014 compared with Rs 1100 crore Q2 September 2014 besides issuing Commercial Paper of Rs 175 crore and completing securitization transactions of Rs 391 crore rated as A1+ and AA (SO).
As of 31 December 2014, SKS Microfinance had a net worth of Rs 998 crore and capital adequacy of 34.6% (without the Reserve Bank of India dispensation on the Andhra Pradesh and Telangana provisioning). Cash and cash equivalents stood at Rs 746 crore. The un-availed deferred tax benefit of Rs 506 crore will be available to offset tax on future taxable income. Given the carried forward tax loss, no tax provision was required for Q3 December 2014, company said.
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