SKS Microfinance has rallied 15% to Rs 103, after the company said its losses in the quarter ended June 2012 narrowed sharply on the back of a drop in bad debt provisions and loan write-offs.
The only publicly-listed microfinance institution in the country, reported a net loss of Rs 38.83 crore for the June quarter, as against Rs 219 crore in the corresponding quarter of the previous fiscal.
Total income from operations, however, declined 54% at Rs 74.48 crore against Rs 160.64 crore in the corresponding quarter last year. Debt provisions and write-offs fell to Rs 9.60 crore from Rs 184 crore, the Hyderabad-based firm said in a filing. Our immediate priority is to return to the path of profitability and with the capital raise we should reach there sooner than later," said Mr S. Dilli Raj, Chief Financial Officer, SKS Microfinance.
The stock opened at Rs 94 and hit a high of Rs 104 on the NSE. A combined 4.53 million shares have changed hands on the counter in opening deals on both the exchanges.
