India's leading microfinance company SKS Microfinance has announced its second quarter results of FY11. It has reported net profit of Rs 80 crore as against Rs 37 crore, a growth of 116.22% on year-on-year basis (YoY).
Total Income jumped 76.81% to Rs 366 crore from Rs 207 crore (YoY).
The company had reported net profit at Rs 67 crore in first quarter of FY11. It was the first microfinance company listed on stock exchanges in India and reported second quarter results post listing.
SKS' core business is providing small loans exclusively to poor women predominantly located in rural areas in India. These loans are provided to such members essentially for use in their small businesses or other income generating activities and not for personal consumption.
The company recently raised more than Rs 1600 crore through the initial public offering of 168 lakh shares at Rs 985 a share.
Source : www.moneycontrol.com
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Gaurav Agarwal
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DENIP Consultants Pvt Ltd
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