Shriram Finance Q3 profit drops to Rs 2,522 crore
Shriram Finance reported a 29% drop in third quarter net profit at Rs 2,522 crore as against Rs 3,570 crore. The company attributed the fall in profit to the exceptional gain of Rs 1489 crore it received for sale of its stake in subsidiary Shriram Housing Finance.
The net was however 21% up if the exceptional gain from the year-ago quarter was excluded.
The lender’s net interest income for the quarter rose 16% at Rs 6,764 crore as against Rs 5,823 crore.
Its asset quality improved with gross non-performing assets ratio falling to 4.54% at the end of December from 5.38% a year back. Its total assets under management expanded by 15% year-on-year to Rs 2.92 lakh crore.
The lender said it would consider raising funds by selling bonds on a private placement basis, subject to market conditions.
The earning per share decreased by 29.4% to Rs 13.40 as against Rs 18.99 (including exceptional gain) recorded in the same period of the previous year.
