Shriram Finance Ltd.'s share price dropped nearly 4% soon after the non-bank lender saw its net profit for the December quarter rise 73.4% year-on-year on Friday on the heels of one-time gain of Rs 1,554 crore due to sale of Shriram Housing Finance Ltd.
The non-bank finance lender's net profit rose to Rs 3,249 crore in the quarter ended December, compared with a profit of Rs 1,874 crore a year ago. Analysts polled by Bloomberg expected a net profit of Rs 2,150 crore for the third quarter.
Shriram Finance Q3 Earnings Highlights (YoY)
Net profit up 73.4% at Rs 3,249 crore versus Rs 1,874 crore.
Total income up 20% at Rs 10,705 crore versus Rs 8,927 crore.
NII gained 13.8% to Rs 5,590 crore versus Rs 4,911 crore.
The board also approved an interim dividend of Rs 2.5 per share.
Shriram Finance share price dropped 3.9% to Rs 509.15 apiece soon after the results came in. The benchmark Nifty 50 was trading 0.45% lower.
The stock has risen 14% in the last 12 months. The relative strength index was at 49.
Of the 41 analysts tracking Shriram Finance, 39 have a 'buy' rating on the stock, one each recommend a 'hold' and 'sell', according to Bloomberg data. The average of 12-month analyst price target of Rs xx implies a potential upside of 62%.
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