Shriram Transport Finance, the country’s largest asset-backed financing company, reported a net profit of Rs 298.96 crore for the quarter ended September, a 44.11 per cent increase compared to Rs 207.45 crore an year ago.
Net interest income rose 42.93 per cent to Rs 752.68 crore, as against Rs 526.61 crore in the year-ago period. Other income jumped to Rs 37 crore from Rs seven crore.
Gross non-performing assets (NPAs) as a percentage of gross advances were flat at 2.54 per cent, as against 2.50 per cent an year earlier. Managing Director R Sridhar said the company excepted to disburse Rs 17,000-18,000 crore of loans in the current financial year. First half disbursals amounted to Rs 8,500 crore.
Total assets under management increased 4.8 per cent to Rs 31,706.82 crore over the June quarter. Provisions and write-offs increased marginally to Rs 126.37 crore, as against Rs 111.62 crore in the year-ago period.
Following the announcement of the results, the company’s shares touched a 52-week high of Rs 815.6 on the Bombay Stock Exchange.