Shriram Transport Finance Company (STFC) on Friday said its net profit increased marginally by 5% to Rs 3.21 billion in the first quarter ended Jun 30 as the commercial vehicle financier's bottomline was dented by an increase in non-performing loans.
The company's revenue registered a growth of 17% to Rs 23.52 billion compared with Rs 20.16 billion a year ago.
Net interest margins, a measure of profitability, improved to 6.76% for the quarter as against 6.54% a year ago, however asset quality worsened in the last three months.
On a sequential basis, bad loans have gone up to 4.1% of the loan book in the quarter from 3.8 % in March causing the company to make higher provisioning, which went up by 22% to Rs 3.96 billion for the quarter, compared with Rs 3.24 billion previous quarter.
Friday, share prices of Shriram Transport Finance closed at Rs 890.05, up 3.18%, while the benchmark Sensex rose 1.48% to close at 28,114.56 on the Mumbai Stock Exchange.
No comments:
Post a Comment