Money & Banking

Shriram Transport Finance Q2 net profit at ₹684.56 cr

Mumbai | Updated on October 29, 2020 Published on October 29, 2020

Shriram Transport Finance Company registered a 10.5 per cent drop in standalone profit after tax at ₹684.56 crore in the second quarter of the fiscal against ₹765.05 crore recorded in the same period of the previous year.

For the quarter ended September 30, 2020, it reported net interest income of ₹2,021.86 crore against ₹2,056.11 crore in the same period last fiscal.

“Thepandemic has significantly affected various sectors of Indian economy. The prolonged lockdown imposed by the government due to the pandemic has affected the company’s business operations,” it said in a statement on Thursday.

It has considered an additional Expected Credit Loss (ECL) provision on loans of ₹416.65 crore and ₹1,372.80 crore on account of the pandemic during the quarter and half-year ended September 30, respectively. As of September 30, 2020, additional ECL provision on loan assets as management overlay on account of Covid -19 stood at ₹2,282.44 crore.

Gross NPA and Net NPA as of September 30, 2020, stood at 6.42 per cent and 3.64 per cent, respectively, as against 8.80 per cent and 6.15 per cent a year ago.

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Published on October 29, 2020
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