Shriram Finance posted a net profit of ₹1,675 crore for Q1 FY24, up 25 per cent year-on-year led by 11.3 per cent increase in the net interest income (NII) to ₹4,435 crore and lower provisions.
The year-ago figures include those for Shriram City Union Finance and Shriram Capital, which merged with Shriram Transport Finance effective November 2022 to form Shriram Finance.
Sequentially, the net profit was 28.1 per cent higher but NII and operating income were both 0.3 per cent lower off-set by a 4.0 per cent decline in operating expenditure.
NIM for the quarter was 8.32 per centagainst 8.55 per cent in the previous quarter and 8.12 per cent a year ago.
Assets under Management stood 18.6 per cent higher at ₹1.9-lakh crore at the end of June.
Highest AUM growth of 81.3 per cent was seen in personal loans, albeit on a smaller base, to ₹79,197crore. Passenger vehicle AUM was up 28.5 per cent, MSME loans up 23.2 per cent, two-wheeler up 19.5 per cent and gold loan AUM up 18.7 per cent. The largest segment for the NBFC, commercial vehicle loans, were 12.7 per cent higher y-o-y at ₹95,905 crore.
Loan loss and provisions for the quarter were ₹879 crore, 24.2 per cent lower y-o-y and 25.8 per lower q-o-q, aiding the bottomline.
Capital adequacy ratio stood at 22.4 per cent of which tier-I capital was 21.3 per cent.
On a consolidated basis, the profit after tax was up 27 per cent y-o-y at ₹1,712 crore. Consolidated NII was 13 per cent higher at ₹4,577 crore. The consolidated earnings include the results of subsidiary Shriram Housing Finance Limited and its associate Shriram Automall India.
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