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Shriram Finance Ltd.’s (formerly Shriram Transport Finance Co.), standalone net profit for the quarter ended March rose 49% year-on-year to ₹1,946 crore.
Net interest income increased 20% to ₹5,336 crore. Total income rose 22% to ₹9,498 crore.
Net interest margin climbed to 9.02% from 8.55%. Assets Under Management grew to ₹2,24,862 crore from ₹1,85,683 crore, the flagship company of the Shriram Group said in a statement.
Gross non-performing assets declined to 5.45% from 6.21% and net NPA to 2.70% from 3.19%. Provision coverage ratio improved to 51.79% from 50.14%. Capital adequacy ratio stood at 20.30% against 22.61%.
The board recommended a final dividend of ₹15 per share in addition to the two interim dividends, taking the total dividend for FY24 to ₹45 per share. The final dividend will be paid by August 28.
On Friday, the board approved acquisition of 100% of Shriram Overseas Investments Pvt. Ltd. (SOIPL) from Shriram Investment Holdings Pvt. Ltd., for a cash consideration of ₹151.75 per share.
SOIPL is a non-banking financial company within the promoter group. The deal is expected to be completed in six months, subject to RBI approval.
SFL board also approved the resource mobilisation plan for FY25 for issuance of debt securities for business growth and will seek shareholders nod at the 45th Annual General Meeting.
