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Shriram City Union Finance, a private lender to small businesses, has reported a significant growth in its profit after tax at ₹47 crore for the quarter ended March 31, 2018, compared to ₹12 crore in the year-ago period. Total revenue stood at ₹1,244 crore against ₹1,108 crore. Profit before tax was ₹76 crore compared to ₹21 crore.
For the full-year ended March 31, 2018, the company’s profit after tax was ₹664.72 crore compared to ₹556.06 crore in 2016-17. Total revenues grew to ₹5,102 crore from ₹4,435 crore.
Disbursements for the year were higher by 11 per cent and assets under management were up 19 per cent at ₹27,461 crore.
Despite 2018 being a year of challenges, Shriram City has done well on the growth front, especially in the small business loans segment. “We have completed the transitioning of NPA recognition in line with RBI norms, and from here on, the company has an unhindered runway for growth,” said R Duruvasan, Managing Director and CEO of the company.
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