SKS Microfinance, India's only listed micro-finance Company, has said that its net loss has fallen to Rs 39 crore in the first quarter of the financial year till June 2012.
The company had recorded a net loss of Rs 219 crore in the same quarter of the previous year. SKS Microfinance is aiming to recover Rs 600 crore in the stock market after the company's shares rose following an announcement by the union cabinet to regulate the micro finance industry in the country.
The central bank, the Reserve Bank of India (RBI) relaxed provisioning for Andhra Pradesh loan portfolio of the company.
S Dilli Raj, Chief Financial Officer, SKS Microfinance said, "We raised incremental debt of Rs 1,360 crore in Q4-FY12 ... the write-off of Rs 1,128 crore on the AP portfolio cleansed the balance sheet. Our immediate priority is to return to the path of profitability and with the capital raise we should reach there sooner than later."
The shares of the company rose 15.58 per cent to Rs 104.20 on the Bombay Stock Exchange (BSE). On the National Stock Exchange (NSE), the share prices rose 16.16 per cent to Rs 104.20.