Beleaguered firm SKS Microfinance announced its second quarter results on Monday. The company posted a net loss of Rs385.5 crore compared to a profit of Rs80.5 crore in the same period last year. That also means its losses widened compared to the Rs218.7 crore reported in the first quarter of this year. Meanwhile the firm’s total income also dropped to Rs122 crore year-on-year from Rs367 crore. And total provisions shot up to Rs156 crore from Rs57 crore.
SKS Microfinance and much of India’s microlending industry has been struggling after an Andhra Pradesh law made it difficult to recover payments from borrowers. Just last week, the company’s board approved a plan to raise Rs900 crore through a share sale to institutional investors through the so-called QIP process.
SpiceJet is about to decide whether it wants to buy 15 new aircraft. The carrier’s board will meet on Friday to discuss whether it should exercise the option to buy 15 turboprop planes from Bombardier. It had already ordered 15 such planes last year. SpiceJet has wanted to expand its domestic services. But it’s also facing losses at a time the broader airline industry is struggling.