 "Shriram Finance Q4 results: Net profit rises 57% to Rs 2,021.28 crore")
India’s largest non-banking financial company Shriram Finance on Friday reported a 57 per cent year-on-year (Y-o-Y) jump in its consolidated net profit for the fourth quarter of 2023-24.
In Q4 of FY24, the consolidated net profit of Shriram Finance stood at Rs 2,021.28 crore as against Rs 1,288.18 crore recorded in the same period of the previous year, due to rise in income and improved asset quality.
During the period under review, the company’s total income also zoomed 24 per cent to Rs 9,918.3 crore as against Rs 7,979.75 crore during January to March period of 2022-23.
Total assets under management as on March increased by 21.10 per cent and stood at Rs 2.25 trillion as compared to Rs 1.85 trillion as on March, 2023 and Rs 2.14 trillion as on December, 2023.
During the entire financial year, consolidated profit after tax increased by 23 per cent and was seen at Rs 7,398.89 crore as against Rs 6,020.03 crore recorded in the previous year.
Total income for the financial year 2023-24 was up by 19 per cent to Rs 36,412.99 crore as compared to Rs 30,508.39 crore the previous fiscal.
Consolidated net interest income for the fourth quarter increased by 23 per cent and
stood at Rs 5,543.47 crore as against Rs 4,533.63 crore in the same period of the previous year. Consolidated EPS (basic) increased by 57 per cent and was Rs 53.47 as compared to Rs 34.01 recorded in the same period of the previous year.
The gross non-performing asset (NPA) for the quarter reduced to 5.45 per cent, compared to 5.66 per cent in Q3 and 6.21 per cent during the Q4 of FY23.
On the other hand, net NPA stood at 2.70 per cent, a decrease from 2.72 per cent in the October to December quarter and 3.19 per cent during the January to March period of FY23.
The company has a pan India presence with network of 3,082 branches and an employee strength of 74,645 servicing to 8.39 million customers.
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