Shriram Finance net grows 14.4 per cent to Rs 2,080 crore

Assets under management increased 18.8% to Rs 2,54,470 crore from Rs 2,14,233.5 crore as of December 2023 and from Rs 2,43,042.5 crore as of September, 2024.
Shriram Finance logo
Shriram Finance logo
Updated on
1 min read

MUMBAI: Shriram Finance, the flagship of the Chennai-based Shriram Group, has reported 14.4% on-year growth in standalone net income from operations at Rs 2,080.4 crore in the December quarter.

But the actual reported post-tax profit for the period is Rs 3,569.8 crore as the company has booked a one-time gain of Rs 1,489.4 crore from the sale its subsidiary Shriram Housing Finance that is now renamed as Truhome Finance.

The key net interest income for the reporting period increased 14.3% to Rs 5,822.7 crore as against Rs 5,094 crore in the same period previous fiscal year, the company said in a statement Friday.

Though the whole credit market is seeing rising delinquency levels, the company’s gross bad loans ratio (gross stage 3 loans) moved down in the reporting period to 5.38 from 5.66, and so did the net gross stage 3 loans to 2.68 from 2.72 a year ago.

Assets under management increased 18.8% to Rs 2,54,470 crore from Rs 2,14,233.5 crore as of December 2023 and from Rs 2,43,042.5 crore as of September, 2024.

Established in 1979 as a commercial vehicles financier Shriram Finance has Shriram Finance has of late diversified significantly into consumer finance, life and general insurance, stock broking and distribution businesses. It has a national presence with 3,196 branches serviced by 79,400 employees and over 94.4 lakh customers.

Yet nearly half of its assets still come from commercial vehicle financing. In the reporting quarter it stood AT 45.5% down from 47.83% as the passenger vehicle financing book rose to 20.4% from 19.4% and MSMe book rose to 13.6% from 10.8% while the share of personal loans declined to 3.45% from 4.4%, the company said.

Related Stories

No stories found.

X
The New Indian Express
www.newindianexpress.com