Bharat Financial shares hit five-and-half-year high1 min read . Updated: 22 Jul 2016, 02:01 PM IST
The stock touched a high of Rs836.55, a level last seen on 16 November 2010, and gained as much as 9.84%, the maximum gain since 10 December 2014
Mumbai: Shares of Bharat Financial Inclusion Ltd, formerly known as SKS Microfinance Ltd, on Friday hit over five-and-half-year high after the company reported better-than-expected earnings.
The stock touched a high of ₹ 836.55, a level last seen on 16 November 2010, and gained as much as 9.84%, the maximum gain since 10 December 2014. So far this year, it has gained 68%.
The company posted a net profit of ₹ 235.91 crore, up 285.76% from ₹ 61.16 crore a year ago, due to higher total income and a tax write-back. The company received a tax write-back of ₹ 96.85 crore in the June quarter as compared to tax expenses of ₹ 18.34 crore. According to estimates of nine Bloomberg analysts, the company expected to post a net profit of ₹ 145.60 crore.
Gross non-performing assets for the quarter stood at 0.1%, while net non-performing assets was at 0.03%. Provisions and write-offs for the quarter stood at ₹ 12 crore, up 67%.
Total income stood at ₹ 368.96 crore, up 53.19% from ₹ 240.86 crore a year ago. The gross loan portfolio rose to 76% at ₹ 8,463 crore from ₹ 4,797 crore in the year-ago period, excluding data from Andhra Pradesh and Telangana.
Loan disbursements increased by 59% in the current period to ₹ 3,769 crore from ₹ 2,377 crore in the year-ago period.
At 1.17pm, Bharat Financial Inclusion was trading at ₹ 837 on the BSE, up 9.55% from its previous close, while India’s benchmark Sensex index rose 0.31% to 27,795.14 points.