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Motilal Oswal Report
Shriram City Union Finance Ltd. posted profit after tax of Rs 2.1 billion (up 8% YoY; 14% miss) in Q1 FY22.
Pre provision operating profit was largely in-line at Rs 5.7 billion (flat YoY).
While net interest income stood at Rs 8.8 billion (in-line), credit costs stood at Rs 2.9 billion (~16% above estimate), leading to the profit after tax miss.
Q1 FY22 was characterised by a sequentially muted performance in disbursements (due to lockdowns) and ~55 basis point deterioration in gross state III.
Shriram City Union Finance should deliver return on equity/return on asset of ~14%/4% in FY23E.
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