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Shriram City Union Q1 net up 15.6% at Rs 148 crore

Non-banking financial company Shriram City Union Finance on Wednesday reported a 15.6 percent rise in its net profit at Rs 148 crore in the quarter ended June, 2015, helped by higher interest income and reduction in expenses.

July 29, 2015 / 10:31 PM IST
 
 
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Non-banking financial company Shriram City Union Finance on Wednesday reported a 15.6 percent rise in its net profit at Rs 148 crore in the quarter ended June, 2015, helped by higher interest income and reduction in expenses.

The company had reported a profit after tax of Rs 128 crore in the same period last year.

"We had good growth in AUM in the third and fourth quarter of last fiscal which helped in improving our interest income in this quarter. Our expenses also came down by 4-5 percent during the period," company's Director G S Sundararajan said.

Net interest income increased by 14.6 percent to Rs 573 crore in the quarter. Assets under management (AUM) stood at Rs 17,483 crore, with the small enterprise finance portfolio comprising the largest share at 53.5 percent.


The retail lending arm of Shriram Group is expecting a loan growth of 14-15 percent in the current fiscal.

He said lower cost of borrowing during the quarter also helped the rise in interest income. Its cost of funds reduced by 20 basis points to 10.89 percent as of June 30.

The gross non performing assets stood at 3.17 percent as against 3.12 percent in the quarter ended March 2015.

The company plans to raise Rs 7,000-8,000 crore during 2015-16 through banks, non convertible debentures and debentures, among others routes.

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