After a two-year gap, micro-lending major SKS Microfinance witnessed a change in its fortunes. In Q3FY13, the company reported a profit or Rs 1.15 crore. This comes after a turbulent phase when the company and its stocks got punished on back of the changed laws that came into existence within months of its listing in August 2010.
The change in laws helped the company streamline its operations by scaling down from 550 branches in Andhra Pradesh to 120. At the same time, the company expanded its operations beyond Andhra Pradesh and is now operational in 17 states. These efforts have been some of the triggers for the company turning to black.