Shriram City Union Finance Q3 net profit rises 6% at Rs 322 crore

Shriram City Union Finance on Friday reported 6 per cent rise in consolidated net profit at Rs 322 crore for the quarter ended December 2021, recording the highest ever lending.

The Chennai-based non-banking finance company (NBFC) had posted a net profit of Rs 304 crore in the year-ago quarter.

Income from operations grew 18.5 per cent to Rs 1,860 crore in October-December period of 2021-22, as against Rs 1,569 crore in the year-ago quarter, it said in a regulatory filing.

The interest income too rose nearly 15 per cent to Rs 1,140 crore.

The company said it registered the highest ever lending performance in the quarter under review with disbursements of Rs 8,398 crore and the collection efficiency was in excess of 100 per cent.

Assets under management (AUM) rose 16.3 per cent to Rs 36,853 crore.

On a standalone basis, the company said it witnessed the best ever profit in eight quarters at Rs 293 crore. Also, loan disbursement of Rs 7,630 crore, over Rs 6,197 crore was the best ever quarterly disbursement so far.

The board had approved amalgamation proposal of the company with Shriram Transport Finance on December 13, 2021.

"The scheme of amalgamation which carries the appointed date of 1st April now awaits approval from regulatory authorities and the company's shareholders," it added.

The company's stock closed 0.51 per cent down at Rs 1,782.25 on BSE.