Disbursals prop up Shriram City profit

CORPORATE SCORECARD

The Chennai-based Shriram City Union Finance posted a net profit increase of 67.9 per cent to Rs 17.31 crore during the first quarter of FY08 against Rs 10.31 crore posted during the same period a year earlier.

Income from operations during the quarter was Rs 126.04 crore from Rs 59.44 crore during the corresponding period of fiscal 2007, clocking growth of 112.05 per cent.

"The main reason for higher income during the quarter was the increase in credit volumes. We disbursed Rs 758.69 crore during the first quarter of fiscal 2008 compared with around Rs 250-300 crore in the corresponding period a year ago," Subhashri Sriram, executive director, said.

Capital adequacy ratio was 23.95 per cent as on March 2007.

SCUF had allotted 120 lakh equity shares for cash on a preferential basis at Rs 160 per share (including a premium of Rs 150 per share) to Merrill Lynch, Chrys Capital and Cambridge Place of the UK during December 2006.

Post the cash infusion, earnings per share stood at Rs 16.48 for the year ended March 2007, as against Rs 10.91 a year ago.