Shriram Transport's Q1 net profit surges four-fold to Rs 965 crore

STFC's total assets under management by the end of the quarter stood at Rs 130,688.86 crore, against Rs 119,301.37 crore a year ago

Shriram Transport Finance Company (STFC), the flagship company of Shriram Group, has posted over four-fold rise in net profit to Rs 965.27 crore during the first quarter of 2022-23, against Rs 169.94 crore in Q1FY22.

The company’s total income for the quarter under review saw a 10.7 per cent increase to Rs 5,149.26 crore, up from Rs 4,651.5 crore a year ago. The operating profit for the April-June quarter of the current financial year was up 26.15 per cent to Rs 2,112.04 crore, against Rs 1,674.29 crore in Q1FY22.

The rise in net profit during the first quarter was largely