New Delhi: Shriram Transport Finance Company Ltd (STFC) on Friday reported a 3.4% fall in its standalone net profit at Rs144.60 crore for the quarter ended March 2018.

Its net profit stood at Rs149.63 crore in the corresponding period of January-March of 2017. However, the net interest income during the quarter rose by 30% to Rs1,486.92 crore as against Rs1,143.97 crore in the same period last year, the company said in a regulatory filing.

Total income during the quarter stood at Rs3,309.04 crore, up from Rs2,712.31 crore in the same period a year ago. For the full year 2017-18, its standalone net profit increased to Rs1,568.02 crore from Rs1,257.34 crore in the previous fiscal.

Income (standalone) during the year grew to Rs12,276.83 crore, from Rs10,830.61 crore in the previous fiscal ended March 2017. On consolidated basis, company’s full year net profit was up at Rs1,554.46 crore as against Rs1,265.63 crore in the preceding fiscal.

Income (consolidated) rose to Rs12,339.57 crore in 2017-18, up from Rs10,904.47 crore. STFC said the board of directors of the company has proposed a final dividend of Rs6 (60%) per share for 2017-18 in addition to the interim dividend of Rs5 declared in November 2017. This makes the total dividend of Rs11 (110%) per share as against the total dividend of Rs10 (100%) per share paid for 2016-17, it said.

The non-banking financial company (NBFC) said it has revised the norms for recognition of non-performing assets from 120 days to 90 days during March quarter as per RBI directive. Accordingly, provision on standard assets is increased from 0.35% to 0.40 %, it said.

“Had the company continued to use the earlier policy of classification of non-performing assets (NPA) and provision for standard asset, the amount of provisions and write offs for the quarter and year ended March 31, 2018 would have been lower by 721.56 crore, income from operations for the same period would have been higher by 27.17 crore," it said.

STFC also sold its controlling stake in wholly owned subsidiary Shriram Automall India Ltd (SAMIL) during 2017-18 for 56.38 crore to MXC Solutions India Pvt Ltd (MXC). “Consequently, SAMIL has ceased to be a subsidiary and has been treated as an associate of the company from February 7, 2018 for purpose of the consolidated financial results. The profit on the sale of SAMIL shares was 139.75 crore."

The company mainly provides financing commercial vehicle industry and caters to a large section of small truck owners. The company said its board has also approved for a buy-back of redeemable non-convertible debentures up to Rs500 crore from time to time during 2018-19. Stock of the company closed 1.30% down at Rs1,618.10 on the BSE.