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Motilal Oswal Report
Shriram City Union Finance Ltd. posted a Q3 FY22 profit after tax of Rs 2.93 billion, up 5% YoY and 4% QoQ (12% beat). The beat on PAT was driven by lower credit costs, which were 9% below estimates at Rs 2.2 billion.
Pre-provision operating profit was largely in line at Rs 6.1 billion.
Q3 FY22 was characterised by a healthy ~23% YoY growth in disbursements with the company delivering record-high disbursements intwo-wheeler and personal loans.
This led to assets under management growing 13% YoY/6% QoQ to Rs 322.5 billion.
Gross stage-III increased 45 bps QoQ to 7.3% as Rs 2.23 billion of additional loans were classified under stage-III because of the Reserve Bank of India circular.
Shriram City Union Finance made provisions of Rs 976 million on these loans (provision coverage ratio: 44%) in Q3 FY22.
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