Shriram Finance Ltd.'s profit rose in line with analysts' estimates in the July to September quarter of fiscal 2024.
The company's net profit rose 13% year-on-year to Rs 1,751 crore in the quarter ended September, according to an exchange filing issued on Thursday. Analysts polled by Bloomberg estimated a net profit of Rs 1,723.54 crore for the second quarter.
Total income for the quarter rose 15.44% YoY to Rs 8,564.45 crore.
Net interest income grew 17.38% to Rs 4,818.18 crore in the second quarter, up from Rs 4,104.86 crore over the same period last year.
As of Sept. 30, total assets under management grew by 19.65% year-on-year, reaching Rs 2.03 lakh crore, as compared with Rs 1.69 lakh crore last year.
The company also added 100 branch offices over the past year, taking the total count to 2,975 across India.
Asset quality for the lender improved with Gross Stage 3 assets decreasing by 24 bps sequentially to 5.79% this quarter. Net Stage 3 assets also decreased by 16 bps to 2.80% over the same period.
The coverage ratio for Stage 3 assets also improved by 55 bps QoQ to 53.10%.
The board of directors approved the draft of the Confirmation Agreement between the company in the capacity of shareholder of Freight Commerce Solutions Pvt. and Tata Motors Ltd.
Under the agreement, Tata Motors shall have the right, but not obligation to exercise the call option during the agreed period to purchase Shriram Finance's entire shareholding in FCSPL at the option price.
Currently, Shriram Finance holds 66,984 equity shares of Freight Commerce Solutions, representing 6.37% stake in the company.
The board also announced an interim dividend of Rs 20 per share, with the record date set for Nov. 6.
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