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Shriram Finance posted a net profit of ₹1,777 crore for Q3FY23 compared with ₹681 crore in the corresponding quarter of the previous year. Sequentially, the profit after tax was 14.3 per cent higher.
Net interest income for the quarter was ₹4,428 crore, up 85.4 per cent on year and 7.9 per cent on quarter. Net interest margin (NIM) for the quarter was at 8.5 per cent compared with 8.3 per cent in the previous quarter and 6.65 per cent in the previous year.
This is the first quarter of results reported by the merged entity Shriram Finance, formed after the amalgamation of Shriram City Union Finance and Shriram Capital with Shriram Transport Finance.
The figures for the previous periods have been restated to incorporate the numbers of the transferor companies and are thus not comparable with previously reported figures, the company said. Assets under management of the NBFC rose 13.2 per cent y-o-y to ₹1.8 lakh crore as of December 31.
Gross stage 3 assets ratio improved slightly to 6.29 per cent at the end of December from 6.31 per cent a quarter ago and 8.40 per cent a year ago. The net stage 3 assets ratio at 3.20 per cent was also better than 3.32 per cent in the previous quarter and 4.36 per cent in the previous year.
Capital adequacy ratio of the company was at 22.99 per cent, of which tier-1 capital accounted for 21.38 per cent.
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