SKS Microfinance zooms over 8% on Q3 earnings

SKS Microfinance shares rose by over eight per cent in early trade on Friday following the company posting a net profit of Rs 1.2 crore for the third quarter ended December, 2012.

Cheering the encouraging numbers, shares of the country's only listed micro-finance company opened the day on a strong note and further jumped 8.4 per cent to Rs 178 on the BSE.

Similarly at the NSE, the scrip rallied 8.48 per cent to Rs 177.70.

In the October-December quarter of 2012-13, SKS had posted a loss of Rs 428 crore.

The company has earned profit after seven consecutive quarters of losses on account of rise in advances.

During the October-December quarter, total income of the company fell to Rs 85 crore from Rs 83.82 crore in the same period a year ago, the company had said in a statement on Thursday.

SKS's provisions against bad loans during the quarter declined to 28.36 lakh against Rs 358.66 crore in the same period a year ago.

Wth PTI inputs