 "Shriram Transport Finance Q4 net rises 17% to Rs 383 cr")
Mumbai: Non-banking finance company Shriram Transport Finance today reported a 16.63 per cent rise in consolidated net profit at Rs 383.46 crore for the fourth quarter ended March 31, 2013, driven by a sound rise in loan growth.
Net profit of the company had stood at Rs 328.77 crore during the same period in FY12. Income from operations rose 21 per cent to Rs 1,907 crore in the March quarter of FY13 compared to Rs 1,575.62 crore in the corresponding period last year. “Despite weak market environment, our net profit has risen due to robust growth in the loan book,” Managing Director Umesh Revankar said here.
[caption id=“attachment_760163” align=“alignleft” width=“380”] According to the non-bank finance company, total assets under management increased 25.11 per cent to Rs 52,717.18 crore. Reuters[/caption]
According to the non-bank finance company, total assets under management increased 25.11 per cent to Rs 52,717.18 crore in FY13 compared to Rs 42,137.27 reported in FY12. “We had witnessed sound demand from rural areas in the last fiscal and we hope to build on this growth in the current fiscal too,” Revankar said. During the fourth quarter, while net interest income increased 12.76 per cent to Rs 952.10 crore, net interest margin (NIM) fell marginally to 7.23 per cent from 7.5 percent a year earlier. “NIM will be in the range of 7.2-7.5 percent in the current financial year,” he said.
Talking about the commercial vehicle finance, which had seen subdued growth, he said despite the slowdown, the company is expecting things to improve in the second half of this fiscal. Revankar also said the NBFC has pulled out of the mining sector since the past 18-24 months and has very little exposure to these zones now.
For the whole fiscal, the NBFC has reported an 11.81 per cent rise in net profit to Rs 1,463.42 crore compared to Rs 1,308.81 crore in FY12. Net interest income for the full year increased 9.52 per cent to Rs 3,657.84 crore compared to Rs 3,339.98 crore reported in previous fiscal.
PTI
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
 "Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?")
 "As Russia pushes east, Ukraine faces mounting pressure to defend its heartland")
 "Why Mossad was not on board with Israel’s strike on Hamas in Qatar")
 "Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe")
