Comments
Our Bureau
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.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.