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Prabhudas Lilladher Report
Shriram Transport Finance Company Ltd. reported strong set of earnings in Q4 FY22 (profit after tax up 59.6% QoQ/43.9% YoY). Lower provisions and strong net interest income growth led to beat in earnings.
Good loan traction (2.0% QoQ/8.4%YoY) led by used commercial vehicles (up 2.8%QoQ/13.0%YoY) now forming 93% of overall loans up from 92% in Q3 FY22 translated into better net interest income (up 11.5%QoQ/19.3%YoY).
Gross non-performing asset/stage-III at 7.07% dropped by 133 basis points QoQ, given improvement in collection efficiency and write-offs (Rs 7.9 billion).
We believe Shriram Transport Finance can target strong growth in the coming quarters, with improvement in asset quality.
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