Shriram Transport net profit jumps 238% to Rs755 crore in March quarter1 min read . Updated: 29 Apr 2021, 09:32 PM IST
- Net interest income rose 9.65% to Rs2,151.12 crore from Rs1,961.74 crore in the same period of the previous year
Shriram Transport Finance Company on Thursday reported a 238% growth - more than two-fold jump in net profit to ₹754.93 crore for January-March quarter in the financial year 2020-21, compared to ₹223.38 crore in the year-ago period on lower provisioning related to the covid-19 pandemic.
Net interest income rose 9.65% to ₹2,151.12 crore from ₹1,961.74 crore in the same period of the previous year.
Cost to income ratio stood at 21.96 % in Q4 FY21 as compared to 25.44% in Q4 FY20. Other income fell 11.43% to ₹28.82 crore for the March 2021 quarter over ₹32.54 crore for the same quarter last year.
The company made a pandemic provision of ₹84.22 crore in the Jaunary-March quarter for the fiscal 2020-21, over ₹909.64 crore for the corresponding quarter of previous fiscal.
Gross NPA and net NPA as of March 2021 stood at 7.06% and 4.22%, respectively, as against 8.36% and 5.62% by the same period a year ago. However, such accounts have been classified as stage 3 and provisioned accordingly.
Total Assets under Management of the largest asset financing NBFC in the country stood at Rs. 1.17 trillion as on 31st March, 2021 compared to Rs. 1.10 trillion as on 31st March, 2020.
Shares of Shriram Transport Finance gained 0.79% to close at ₹1415.75 on Thursday on the BSE, while the benchmark index, Sensex gained 0.06% to 49,765.94 points.
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