Shriram City Union reports standalone net profit of Rs 192.27 cr in Q1

Non Banking Finance Company Shriram City Union Finance Ltd on Tuesday reported standalone profits for the quarter ending June at Rs 192.27 crore.

The city-based company had declared net profits at Rs 253. 18 crore during the corresponding quarter of the previous year.

For the year ending March 31, 2020 standalone profits were Rs 1,000. 52 crore.

Total income on a standalone basis for the quarter ending June 30, 2020 stood at Rs 1,414.57 crore against Rs 1,487.27 crore registered in the same period last fiscal.

For the year ending March 31, 2020 standalone total revenue from operations was Rs 5,887. 29 crore, the company said in a BSE filing.

Meanwhile, in a statement, the company said during the quarter under review, assets under management was lower by six per cent annually and two per cent sequentially due to the impact of COVID-19 outbreak.

It said that during the quarter, two wheeler loanbook grew 10 per cent higher year on year, while the operating expenses were lower by 18 per cent 'annually' and 20 per cent 'sequentially'.

Commenting on the financial results, company Managing Director Y S Chakravarti said "we are glad to report that we are gradually returning to business as usual mode, with all our offices currently being operational".

"Disbursements began in June and we hope to increase business traction in a calibrated manner in the rest of the year.

We made excellent progress in cost control in the quarter and hope to sustain the practices leading to this development", Chakravarti, also the company's chief executive officer, said.

The company's subsidiary Shriram Housing Finance during the quarter registered a growth of 23 per cent in assets under management over last year, it added.