Buy Shriram Transport Finance; target Rs 1100: P Lilladher

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26 Aug, 2025 12:21

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  Prabhudas Lilladher's report on Shriram Transport Finance Corporation
"SHTF reported standalone PAT of Rs3.21bn (PLe: Rs3.28bn) as credit costs remained high at ~260bps (highest in last three years) even as NII growth was strong at 19% YoY on back of strong growth in AUMs of ~11% YoY. STFC is in the process of merging the equipment finance business (CE) which has been under pain lately and has indicated of rise in NPAs post movement to 150dpd recognition. While management outlook remains unchanged from last quarter, asset quality performance for both businesses largely depends on economic recovery. But current economic scenario remains subdued, and hence we have increased our credit cost assumptions and tweaked our NII estimates and have cut our FY16 & FY17 earnings by 19% respectively. We maintain “BUY” with revised PT of Rs1,100 (from 1,200)", says Prabhudas Lilladher research report.

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