Shriram Transport Q2 PAT rises 38% YoY to Rs 1,067 cr

21 Oct 2022 , 11:28 AM

Profit before tax increased by 38.4% year on year to Rs 1,440.70 crore in the quarter ended 30 September 2022. Operating profit rose 23.08% YoY to Rs 2,113.05 crore during the period under review. Total expenses rose 6.78% to Rs 3,910.58 crore and other expenses rose 33.73% to Rs 315.20 crore in Q2 FY23 over Q2 FY22. The Net Interest Income for the first quarter ended 30 September 2022 increased by 22.85% to Rs 2,693.96 crore as against Rs 2,192.82 crore in the same period of the previous year. Total assets under management as on 30 September 2022 stood at Rs 135,249.34 crore as compared to Rs 121,646.77 crore as on 30 September 2021. The collections for Q2 FY23, Q1 FY23 and Q2 FY22 were 100.13%, 101.45%, and 99.03% of the demand respectively. Liquidity Coverage Ratio was 188.11% as on 30 September 2022. Cost to income ratio stood at 21.12% in Q2 FY23 compared with 20.73% in Q2 FY22. The significant increase in economic activities post easing of lockdown by the state governments due to COVID -19 had resulted in improvement in business operations of the company. During the quarter, the company has written off loans outstanding amounting to Rs 95.09 crore by utilising the ECL provision created as management overlay on account of COVID-19. The ECL provision of Rs 1,741.30 crore is retained by the company as at 30 September 2022 towards management overlay on account of COVID-19. Shriram Transport Finance Company, the flagship company of the Shriram group, is the largest asset financing NBFC in the country. It is a holistic finance provider for the commercial vehicle industry and seeks to partner small truck owners for every possible need related to their assets. It has PAN India presence with 1,854 branch offices. Based at Mumbai, it has a live customer base of approx. 21.1 lacs. The scrip declined 0.84% to Rs 1,206.75 on the BSE. Powered by Capital Market – Live News