SKS Microfinance soars over 16%
Mumbai: Shares of SKS Microfinance Monday soared over 16 per cent as the company's net loss narrowed down to Rs 39 crore in the quarter ended June 30.
Making a positive start, shares of the company further gained 15.58 percent to Rs 104.20 on the BSE.
At the NSE, the stock surged 16.16 per cent to Rs 104.20.
SKS had a net loss of Rs 219 crore in the corresponding quarter of the previous fiscal.
"We raised incremental debt of Rs 1,360 crore in Q4-FY12 ...The write-off of Rs 1,128 crore on the AP portfolio cleansed the balance sheet," S Dilli Raj, Chief Financial Officer, SKS Microfinance had said.
"Our immediate priority is to return to the path of profitability and with the capital raise we should reach there sooner than later," Raj said.
SKS Microfinance Ltd is a non-banking finance company (NBFC-MFI), registered and regulated by the Reserve Bank. It operates across 18 states.
As a provider of small loans, the company ran into rough weather last year amid allegation of using strong-arm tactics to recover its money, which led to tougher regulations that hit the sector.