SKS Microfinance posts net profit of Rs 80cr in Q2

Microfinance Focus, Oct 23, 2010: India’s largest microfinance institution SKS Microfinance has posted a net profit of Rs 80cr ($18 million) in the second quarter of FY11, a growth of 116% compared to the net profit of Rs 37cr during the same period last year.

The company’s total income has also increased from Rs 207cr to Rs 366cr, giving an YoY increase of 77%. In the first quarter, SKS posted a net profit of Rs 67cr.

Earlier this month, SKS sacked its CEO Mr. Suresh Gurumani and appointed Mr. M R Rao as the company’s Managing Director and CEO. Mr. Gurumani however continues to remain on Board of SKS and attended the Board meeting on Friday where the Q2 results were announced.

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