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Bharat Financial Inclusion saw its net profit rise 87.3 per cent to ₹146 crore in the second quarter ended September 30, from ₹77.86 crore in the corresponding quarter of the previous financial year.
The total income of the company, formerly SKS Microfinance, rose to ₹449.60 crore (₹324.29 crore in Q2 FY16).
Loan disbursements grew 51 per cent to ₹4,016 crore (₹2,665 crore). During the quarter, it had an incremental drawdown of ₹2,180 crore, excluding origination under managed loans. It completed a qualified institutional placement of ₹750 crore, which was subscribed multiple times.
The board of directors, in its meeting held on October 28, had also approved declassification of WestBridge Ventures LLC as promoter and Kumaon as part of promoter group as they do not currently hold any equity shares or other securities of the company and have not been associated with the company in any manner.
As on September 30, Bharat Financial had a net worth of ₹2,514 crore and a capital adequacy ratio of 33.4 per cent. Cash and cash equivalents stood at ₹1,632 crore.
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