Buy Shriram Trans; target of Rs 1025: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Shriram TransSHTF reported sharp 54.6% YoY decline in reported net earnings as it merged the equipment finance subsidiary with itself, while, migration to 150dpd further necessitated Rs3.0bn increase in provisions. However on standalone basis, SHTF reported 26.3% YoY growth in net profits to Rs4bn. AUMs grew 23% YoY (20% YoY adjusted for the merger) while reported NIMs expanded by 20bp QoQ. Post merger GNPL ratio increased by 200bp QoQ to 6.2% (better than estimates) while coverage ratio declined to 70%. We tweak our earnings to factor improving growth outlook and keep credit cost high as SHTF move towards 120dpd in FY17. We retain BUY with PT of 1,025 based on 2.3x Sep‐2017E ABV.For all recommendations, click here Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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