July 29, 2016 / 12:49 IST
Religare's research report on Shriram Transport
SHTF’s Q1FY17 PAT at Rs 3.7bn came in line with RCMLe. AUM growth was healthy at 24% YoY led by a 20%/72% growth in pre-owned/new CVs. Pressure on yields due to financing of lower-vintage vehicles led to a 30bps QoQ contraction in NIMs to 7.35%. Asset quality deteriorated marginally with GNPAs/NNPAs rising to 6.4%/2%. Management has conservatively guided to AUM growth of 15% and NIMs of 7.1-7.2% for FY17. BUY; Mar’17 TP Rs 1,150.
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