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Shriram Transport Finance Company has dipped 12% to Rs 850 on the NSE after reporting a sharp 73% year on year (yoy) drop in its consolidated net profit at Rs 84 crore in March 2015 quarter due to higher provisioning for bad loans. The company had profit of Rs 315 crore in a year ago quarter.
During the quarter, the net interest income increased 13% yoy at Rs 2,421 crore, while provisions and write offs rose 80% to Rs 573 crore over the previous year quarter, Shriram Transport Finance said in a statement.
The provisions of Rs 226 crore has been made against additional loans being classified as non-performing assets in Shriram Equipment Finance Company, a wholly owned subsidiary of the company, during the quarter, it added.
Till 1022 hours, a combined 2.42 million shares changed hands on the counter on the NSE and BSE.
During the quarter, the net interest income increased 13% yoy at Rs 2,421 crore, while provisions and write offs rose 80% to Rs 573 crore over the previous year quarter, Shriram Transport Finance said in a statement.
The provisions of Rs 226 crore has been made against additional loans being classified as non-performing assets in Shriram Equipment Finance Company, a wholly owned subsidiary of the company, during the quarter, it added.
Till 1022 hours, a combined 2.42 million shares changed hands on the counter on the NSE and BSE.
