Shriram City Q4 net down nearly 61% at Rs 61 cr

Shriram City Union Finance today reported a 60.63 per cent decline in consolidated net profit at Rs 61.16 crore for the March quarter on account of sharp increase in provisions and bad debt write-offs.
The Chennai-based company's net profit was Rs 155.38 crore in the year-ago period.
The total income from operations for the January-March period soared to Rs 1,022.9 crore, up 11.29 per cent, from Rs 919.12 crore, Shriram City Union said in a BSE filing.
During the quarter under review, the firm's provisions and write-offs increased by over two-fold to Rs 258.23 crore as against Rs 107.96 crore in the corresponding period.

For the entire 2015-16, the net profit of the firm stood at Rs 552.07 crore as against Rs 571.41 crore a year ago.
Total income from operations also grew to Rs 3,998.19 crore in 2015-16, from Rs 3,561.7 crore in 2014-15.
The Board of Directors recommended a final dividend of Rs 10 per equity share of Rs 10 each.
Shares of the were trading 1.93 per cent down at Rs 1,622 apiece on BSE.