Shriram Transport Q2 net rises 12% to Rs 338 cr

Commercial vehicle financier Shriram Transport Finance Company today reported a 12 per cent rise in net profit at Rs 338.10 crore for the quarter ended September 30, helped by improvement in margins and higher credit disbursements.
The company had reported a profit after tax of Rs 302.21 crore in the same period last year.
"Despite deficient monsoon, we witnessed good credit disbursements. We saw a good demand in the heavy vehicles segment," company's Managing Director and CEO Umesh Revankar said.
Its total assets under management as on September 30, stood at Rs 63,252.97 crore compared with Rs 55,560.13 crore last year.

The company net interest margins improved to 7.03 per cent in the quarter from 6.6 per cent in the same period last year as cost of borrowing fell to 10.2 per cent in the quarter from 10.40 per cent as of end March 2015.
Net interest income was at Rs 1,193.79 crore as against Rs 1,007.23 crore in the same period of the previous year.
Gross non-performing loans increased to 4.18 per cent from 4.07 per last year same quarter.
Meanwhile, the board has declared an interim dividend of Rs 4.