 "Shriram Finance")
Shriram Finance, the largest retail non-banking financial company in India, has reported a marginal rise of 4 per cent in consolidated net profit, reaching Rs 1,873.59 crore during the third quarter (Q3) of 2023–24. This compares to Rs 1,801.66 crore during the same period in 2022–23 (FY23).
During the period under review, the company’s total income reached Rs 9,305.75 crore, marking a 19 per cent increase from Rs 7,798.31 crore in the October-December period of FY23.
Umesh Revankar, executive vice-chairman of Shriram Finance, expressed optimism about the business growth, saying, “The net interest margin has been growing; liquidity uncertainties are not there; therefore, we should be able to grow for the next quarter as well. We also expect the interim Budget to be positive for the infrastructure sector. Overall, it will be a healthy fourth quarter.”
In the same period, its assets under management increased to Rs 2.14 trillion, up 21 per cent from Rs 1.77 trillion in the October-December quarter of FY23.
The gross non-performing asset (NPA) for the quarter was reduced to 5.66 per cent, compared to 5.79 per cent in September and 6.29 per cent during Q3FY23.
On the other hand, net NPA stood at 2.72 per cent, a decrease from 2.8 per cent in the July-September quarter and 3.2 per cent during the October-December period of FY23.
The company’s consolidated net interest income for Q3 ended December 2023 increased by 16.93 per cent, reaching Rs 5,274.91 crore compared to Rs 4,511.35 crore in the same period of the previous year.
Consolidated earnings per share (basic) increased by 2.96 per cent, standing at Rs 49.7 as compared to Rs 48.27 recorded in the same period of the previous year.
The board declared an interim dividend of Rs 10 (100 per cent) per share, and the record date for the entitlement was fixed as February 6.
