Shriram Finance on Friday reported a profit after tax (PAT) growth of 18.3% at Rs 2,071.26 crores as against Rs 1,750.84 crores recorded in the same period of the previous year. The Net Interest Income (NII) for the second quarter ended September, 30 2024 increased by 16.37% and stood at Rs 5,606.74 crores as against Rs. 4,818.18 crores in the same period of the previous year.
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The company’s board declared an interim dividend of Rs 22 per share and has set the record date on November 7, 2024.
Total Assets Under Management (AUM) as on September 30, 2024 increased by 20% and stood at Rs 2,43,042 crore as compared to Rs 2,02,641 crores as on September 30, 2023 and Rs 2,33,444 crores as on June 30, 2024.
Consolidated profit after tax increased by 20.17% and stood at Rs 2,153.27 crores as against Rs 1,791.83 crores recorded in the same period of the previous year. Consolidated EPS (basic) increased by 19.58% and stands at Rs. 56.93 as compared to Rs. 47.61 recorded in the same period of the previous year.
The Board of Directors of the company in its meeting held on May 13, 2024 had approved the proposal for disinvestment of the Company’s entire stake in Shriram Housing Finance Limited, a debt-listed non-material subsidiary of the Company and in this regard, the company has entered into the share purchase agreement, with Mango Crest Investment Ltd, an affiliate of Warburg Pincus.
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Company’s operating profit in the reporting quarter stood at Rs 3,986.52 crore versus Rs 3,854.14 crore in Q1FY25 and Rs 3,481 crore in Q2FY24, recording a 3.43% YoY and 14.53% QoQ growth.
Company’s loan losses and provisions in Q2FY25 stood at Rs 1,234.99 crore versus Rs 1,187.55 crore in Q1FY25 and Rs 1,128.55 crore in Q2FY25. It was a 9.43% YoY and 3.99% QoQ growth.
