Shriram Finance on Friday reported a consolidated net profit of Rs 2,022.8 crore (attributable to owners of the company) for the quarter ended June 30, 2024, which was in line with Street’s estimates of Rs 2,021 crore. It was up by 19% over Rs 1,705 crore reported by the company in the year-ago period.
However, net profit after tax for the period from total operations stood at Rs 2,031 crore. Meanwhile, consolidated net profit after taxes from continuing operations stood at Rs 1,981, up 18% from Rs 1,675 crore reported in the year-ago period.
The company reported total revenue from operations at Rs 9,605 crore in the reported quarter, up from Rs 8,003 crore in Q1FY24. It was higher by 20% on a YoY basis.
The earnings were announced during the market hours and the stock jumped nearly 5% on the BSE to hit the day’s high of Rs 2,802.
Shriram Finance‘s interest income for the quarter stood at Rs 9,363 crore, which was up by 22% over Rs 7,688 crore reported in the corresponding quarter of the last financial year.
Read More: Sanstar shares make muted stock market debut; scrip lists at 15% premium on NSE
Net Interest Income
The net interest income (NII) for the first quarter ended June 30, 2024, increased by 20.63% and stood at Rs 5,354.47 crore as against Rs 4,438.68 crore in the same period of the previous year. The earning per share (basic) increased by 17.82% and stands at Rs 52.70 as against Rs 44.73 recorded in the same period of the previous year.
Read More: Trom Industries IPO Receives 17.91x Subscription on Day 2 So Far, Check GMP Today
Assets under management
Total assets under management (AUM) as of June 30, 2024, increased by 20.82% and stood at Rs 2,33,443.63 crores as compared to Rs. 193,214.67 crores as of 30th June, 2023, and Rs. 224,861.98 crore as of 31st March, 2024.
