Microfinance Focus, May 10, 2011: SKS Microfinance shares tumbled 18 percent on Monday and traded at a new low of Rs 270 per share after the company posted a quarterly loss of over Rs 697 million ($ 15.6 million approx) last week. The company’s profit after tax for the same quarter last year was Rs 628.930 million ($ 14 million)

According to its unaudited results, SKS total income has also declined from Rs 3044.938 million ($ 68 million) for the quarter ended March 31, 2010 to Rs 1938.456 million ($ 43 million) for the quarter ended March 31, 2011.

As per the audited results for the Year ended March 31, 2011 the company has posted a net profit of Rs 1116.308 million as compared to Rs 1739.539 million for the year ended March 31, 2010. The total Income has however increased from Rs 9585.141 million to Rs 12695.396 million during the same period.

SKS Microfinance which is the largest and the only listed microfinance institution in India, has earlier welcomed the Reserve Bank of India’s acceptance of the Malegam committee recommendations.  “The RBI Governor’s statement accepting the framework of regulations recommended by the Malegam Committee have provided a tremendous boost to the microfinance sector and reaffirm the critical role microfinance plays in financial inclusion,” said Vikram Akula, Chairperson, SKS Microfinance.