SKS Microfinance Ltd has posted a net profit of Rs 1.2 crore in the third quarter ended December 31, 2012, after suffering losses in seven consecutive quarters.
In the year-ago period, the company had incurred a loss of Rs 428 crore.
The total income of the Hyderabad-based company, which was badly hit by Andhra Pradesh microfinance crisis since October 2010, was marginally down to Rs 85 crore (Rs 87 crore).
The core interest income from the non-Andhra Pradesh States decreased to Rs 79 crore from Rs 82 crore in the year-ago period.
Loan disbursements increased to Rs 784 crore from Rs 690 crore in the second quarter of the current financial year.
Andhra Pradesh portfolio was reduced to a nil in the quarter ended September 2012.
“Fully providing for the AP exposure, optimisation of cost structure, coming out of the supply-side shock, portfolio protection and re-capitalisation are the building-blocks of our turnaround strategy,” S. Dilli Raj, Chief Financial Officer, SKS Microfinance Ltd, said in release on Thursday.
SKS Microfinance’s net worth stood at Rs 388 crore. The cash balance and un-utilised deferred tax benefit were at Rs 304 crore and Rs 556 crore respectively.
SKS Microfinance scrip lost 4.73 per cent to end at Rs 164.20 on the Bombay Stock Exchange on Thursday.