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Motilal Oswal Report
Shriram City Union Finance Ltd. posted a Q4 FY21 profit after tax of Rs 2.8 billion (up 84% off a low base YoY; 7% miss).
The miss was driven by net interest income (8% miss), but was offset by lower credit costs (15% beat).
In FY21, pre-provision operating profit and profit after tax were largely flat YoY at Rs 22 billion/Rs 10 billion.
We lower our FY22E earnings per share estimate by approximately 7% to factor in lower topline growth.
The company should deliver return on equity/return on asset of ~16%/4% in FY23E.
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