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Shriram City Union Finance (SCUF) does not see the current economic slowdown impacting its financial performance this fiscal, its Chairman Arun Duggal has said.
This deposit-accepting NBFC (non-banking finance company) expects a “steady growth” in bottomline even in this weak economic conditions.
“We are a conservative company. We want to grow in a measured pace,” Duggal said.
For the year ended March 31, 2012, SCUF had on a consolidated basis recorded a net profit of Rs 338 crore, reflecting a 40 per cent growth over the previous year net profit of Rs 241 crore.
SCUF is currently in the market with a secured non-convertible debenture issue to mop up Rs 500 crore, including a green-shoe option of Rs 250 crore.
Last year, around the same time, SCUF had mobilised about Rs 750 crore through an NCD issue.
On SCUF’s housing finance arm, Shriram Housing Finance, Duggal said plans are afoot to expand the presence of this wholly-owned subsidiary in North India in the coming days.
This housing finance company is focusing on home loans below Rs 20 lakh and that too in Tier-III towns, said officials.
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