SKS Microfinance shares rally after Q1 net jumps 24 per cent

SKS Microfinance shares surged over 5 per cent after the company reported a 23.9 per cent growth in net profit for the first quarter ended June 30.

The company had on Wednesday reported a 23.9 per cent growth in net profit at Rs 61.1 crore for the quarter under review compared with Rs 49.3 crore in the year-ago period.

Total income of the company rose to Rs 282.6 crore in the June quarter against Rs 168.9 crore a year ago.

Loan disbursements increased 105 per cent year-on-year to Rs 2,377 crore compared with Rs 1,160 crore in the same period a year ago.

Cheering the news, shares of SKS Microfinance ended Thursday with a gain of 5.22 per cent at Rs 565.10 on the Bombay Stock Exchange. During the day, the scrip jumped 6.85 per cent to Rs 573.85 - its 52-week high.

On the National Stock Exchange, the stock climbed 5.27 per cent to settle at Rs 565.15.

SKS Microfinance's market valuation rose Rs 357.36 crore to Rs 7,148.36 crore.

On the volume front, 5.51 lakh shares of the company changed hands at BSE and over 61 lakh at NSE during the day.