Shares of Bharat Financial Inclusion Ltd, formerly SKS Microfinance, jumped 10.6% on Friday after the company reported quadruple net profit to Rs 235.9 crore for the first quarter of fiscal year 2016-17.
The stock gained 10.58% to close at Rs 844.90 apiece on BSE. It had hit a 52-week high of Rs 890.75 per share during the afternoon session.
On the NSE, the company’s shares stand at Rs 844.05 each, a jump of 10.52% from the previous close.
The microfinance institution posted a net profit of Rs 61.15 crore in the April-June 2015-16 quarter.
In the first quarter of the current fiscal year, the company saw its total income increase by 53% to Rs 368.95 crore compared to the same period a year ago.
As of June 30, 2016, the company had a net worth of Rs 1,627 crore and a capital adequacy of 23.2%.
Bharat Financial Inclusion said its gross loan portfolio excluding Andhra Pradesh and Telangana states grew 76% year-on-year to Rs.8,463 crore for the quarter ended 30 June 2016.
In addition, the company added 7.7 lakhs of borrowers and ended the quarter with a borrower base of 50.9 lakhs, an increase of 38% year over year.
Loan disbursements increased 59% to Rs 3,769 crore for the period under review.
Business Standard has always strived to provide up-to-date information and commentary on developments that matter to you and have broader political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these difficult times resulting from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative views and cutting edge commentary on relevant current issues.
However, we have a demand.
As we fight the economic impact of the pandemic, we need your support even more so that we can continue to provide you with more quality content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscriptions to our online content can only help us achieve the goals of providing you with even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.