For quarter ended March 2012 Shriram Transport Finance Company reported 12% rise in Income from operations at Rs 1583.18 crore compared to corresponding previous year period. Other income rose 58% to Rs 0.19 crore. As a result total income rose 12% to Rs 1583.37 crore. Interest expense rose 13% to Rs 655.76 crore while other expenses (including staff cost of Rs 100.74 crore up by 11% and other expenses of Rs 123.81 crore up by 33%) rose 22% to Rs 232.96 crore. Ensuing Gross profit rose 8% to Rs 694.65 crore. Depreciation rose 152% to Rs 7.47 crore while provision and write offs rose 59% to Rs 197.34 crore. PBT as a result was down 5% to Rs 489.84 crore. Effective tax rate stood at 33% compared to 34%. The final bottomline of the company fell 4% to Rs 328.78 crore.
The consolidated result includes the audited results of the Shriram Equipment Finance Company (100%), Shriram Automall India (100%) and share of associate Shriram Asset Management Company (40%).
NII of the company fell 11% to Rs 289.93 crore while Net income from securitization income rose 17% to Rs 515.66 crore. As a result net interest income including income from securitization rose 5% to Rs 805.6 crore.
During the quarter the company disbursed loans amounting to Rs 4980.34 crore which was down 20% on a y-o-y basis due to decrease in disbursement in New CV segment as well as used CV segment. New CV segment disbursement fell drastically by 42% to Rs 996.47 crore while used CV segment disbursement fell 11% to Rs 3983.87 crore. However, new CV segment disbursement rose 32% on a sequential basis.
Asset quality deteriorated as Gross NPA rose to 3.06% in Q4FY'12 from 2.64% in Q4FY'11 and 2.79% in Q3FY'12. Net NPA rose to 0.44% in Q4FY'12 from 0.38% in Q4FY'11 and 0.40% in Q3FY'11.
The return on assets (ROA) decreased for the quarter ended March 2012 at 3.53% against 4.4% for the corresponding previous year period. The return on equity (ROE) stood at 20.92% compared to 28.46%.
Total Assets under Management as on 31 st March 2012 stood at Rs. 42137.27 crore as compared to Rs. 36816.77 crore as on 31 st March 2011.
NIM for Q4FY'12 fell to 7.24 % from 7.59% in Q4FY'11 and 7.39% in Q3FY'12.
For year ended March 2012 Shriram Transport Finance Company reported 13% rise in Income from operations at Rs 6187.21 crore. Other income fell 38% to Rs 0.42 crore. As a result total income rose 13% to Rs 6187.63 crore. Interest expense rose 10% to Rs 2531.75 crore while other expenses (including staff cost of Rs 407.6 crore up by 10% and other expenses of Rs 441.25 crore up by 13%) rose 11% to Rs 905.27 crore. Ensuing Gross profit rose 16% to Rs 2750.61 crore. Depreciation rose 54% to Rs 17.37 crore while provision and write offs rose 48% to Rs 775.73 crore. PBT as result rose 7% to Rs 1957.51 crore. Effective tax rate stood at 33% compared to 34%. The final bottomline of the company rose 8% to Rs 1308.81 crore.
Book value of the company stood at Rs 263.05.
The stock is hovering around Rs 507.40 on BSE.
Shriram Transport Finance: Consolidated Financial Results