Mumbai, Apr 27 (PTI) Asset financing NBFC Shriram Transport Finance (STFC) today reported a 3.4 per cent fall in its net profit at Rs 144.60 crore in the quarter ended March from Rs 149.63 crore in the same period last year. Also Read - Shriram Automall launched in Hyderabad
For the year-ended March 31, the company’s profit after tax increased by 24.70 per cent at Rs 1,568.02 crore as against Rs 1,257.34 crore in the previous year.
Net interest income rose by 29.98 per cent to Rs 1,486.92 crore in the quarter as against Rs 1,143.97 crore in the year-ago period.
Gross non performing assets of the company worsened to 9.15 per cent from 8.16 per cent, while net NPA rose to 2.83 per cent to 2.65 per cent.
The company revised its NPA recognition norms from 120 days to 90 days.
Total assets under management stood at Rs 95,306.30 crore as compared to Rs 78,760.93 crore as on March 31.
During the quarter, the company has sold the controlling stake in its wholly-owned subsidiary, Shriram Automall India (SAMIL) for a total consideration of Rs.156.37 crore to MXC Solutions India (MXC).
It has proposed a final dividend of Rs 6 (60 per cent) per share.
Shriram Transport Finance is the flagship company of the Shriram group which has significant presence in consumer finance, life insurance, general insurance, stock broking and distribution businesses.
This is published unedited from the PTI feed.