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Systematix Research Report
Shriram Transport Finance Company Ltd. reported a profit of Rs 6.8 billion in Q3 FY22, aided by higher provisions. With better rural cash flows and increased freight rates, provision write-backs are likely in Q4 FY22E.
Shriram Transport Finance's stage-III provision is at 50.3%, which seems prudent. Its liquidity buffer is at 13% of total assets, which can cater to repayments in the next three-four months.
Disbursements and collections are better than pre-Covid-19 levels. We remain sanguine about a quarterly disbursement run-rate of Rs 150 billion in Q4 FY22E and FY23E and normalisation of credit costs in FY23E.
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