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14 April, 2021 19:46 IST
Shriram Transport Q3 profit dips 17% on additional pandemic provision
Source: IRIS | 29 Jan, 2021, 08.15AM
Rating: NAN / 5 stars.
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 Shriram Transport Finance Company, India's largest asset financing company on Thursday reported 17% decline in net profit at Rs 7,277.2 million for December quarter 2020-21 as the company made additional provisions related to the COVID-19 pandemic.

The net interest income for the third quarter December 2020 rose to Rs 21,482.2 million from Rs 2,1137.5 million in the same period of the previous fiscal. The company made an additional expected credit loss provision of Rs 2,248.2 million in the quarter, taking its overall pandemic provisions to Rs 15,976.2 million in April-December period of the fiscal and the total additional pandemic provision at Rs 25,072.6 million.

Gross NPA and net NPA as of December 2020 stood at 5.33% and 3.22%, respectively, as against 8.71% and 6.09% by the same period a year ago. However, such accounts have been classified as stage 3 and provisioned accordingly. Had the company classified these borrower accounts as NPA after August 2020, the gross NPA and net NPA ratio would have been 7.11% and 4.31%, respectively, the company said.

Total assets under management of the largest asset financing NBFC in the country stood at Rs 11,49,320.6 million compared to Rs 10,89,313.8 million by December 2019.

Shares of the company declined Rs 39.3, or 3.42%, to settle at  Rs 1,111.35.  The total volume of shares traded  was  547,766 at the BSE (Thursday).

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