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SKS Micro stock surges on strong Q3 numbers

SKS Micro stock surges on strong Q3 numbers
Shares of the SKS Microfinance company rose more than 4% on Friday after the company reported a profit of Rs 1.2 crore in Q3-FY13, reversing the trend of seven consecutive quarters of losses caused by the external event of Andhra Pradesh microfinance crisis.

SKS Microfinance Limited sustained growth momentum in non-Andhra Pradesh states with its core interest income in those states increasing by 16% to Rs 79 crore in Q3-FY13 from Rs 68 crore in Q2-FY13 (Rs 82 crore in Q3-FY12).

The Company's loan disbursements rose by 14% from Rs 690 crore in Q2-FY13 to Rs 784 crore in

Q3-FY13 as its non-AP portfolio grew by 9% from Rs 1372 crore in Q2-FY13 to Rs 1496 crore in Q3-FY13. Collection efficiency in 17 non-AP states continues to be robust at 99.8% (99.2% in Q2-FY13).

The growth momentum has been accelerated on account of the increasing supply-side support. Drawdowns have registered a 40% growth from Rs 405 crore in Q2-FY13 to Rs 566 crore in Q3-FY13 as the dedicated organization-wide efforts in implementing a seven-pronged turnaround strategy began registering never-before gains, the company said in the statement.

"Fully providing for the Andhra Pradesh exposure, optimization of cost structure, delivering promises, coming out of the supply-side shock, portfolio protection and recapitalization are the building blocks of SKS Microfinance Limited's turnaround strategy," said Mr S. Dilli Raj, Chief Financial Officer, SKS Microfinance Limited.

Shares of the company was seen trading at Rs 172, higher by 4.81% on BSE at 9.40 am IST. It touched an intra-day high of Rs 178.

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