Companies

Shriram Transport Finance Q4 net down 18% on higher provisions

Our Bureau Mumbai | Updated on April 29, 2014 Published on April 29, 2014

Shriram Transport Finance Corporation (STFC) reported an 18 per cent fall in its fourth quarter consolidated net profit hurt by higher provisions and finance costs.

In the January to March period, the commercial vehicle financier posted a net profit of Rs 315 crore against Rs 383 crore, a year ago.

Consolidated figures include the financial performance of Shriram Equipment Finance Company and Shriram Automall, in addition to the mainstay commercial vehicle finance business.

Provisions during the quarter increased to Rs 318 crore from Rs 233 crore in the same period, a year ago.

The company had tried to diversify into other businesses like second-hand car financing as loan off-take for commercial vehicles suffered due to a slow business environment.

Finance cost increased by 23 per cent to Rs 1,077 crore.

For the full financial year ended March 2014, the Mumbai-based company reported a net-profit of Rs 1,358 crore (Rs 1,464 crore, a year ago).

The board has declared dividend of Rs 4 per share on face value of Rs 10 per share

Shares of the company ended 3.86 per cent down at Rs 747.20 on the BSE. The company declared its results after close of market hours.

 

Published on April 29, 2014
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