Shriram Transport Finance Q1 net profit falls 50 pc to Rs 320 cr

Shriram Transport Finance Company (STFC) on Thursday reported nearly 50 per cent decline in consolidated net profit at Rs 320.06 crore in the first quarter ended June.

Shriram Transport Finance Company (STFC) on Thursday reported nearly 50 per cent decline in consolidated net profit at Rs 320.06 crore in the first quarter ended June. The company had posted a net profit of Rs 634.25 crore in the same quarter a year ago.

However, total income of the non-banking finance company (NBFC) rose to Rs 4,144.70 crore during April-June period of 2020-21 from Rs 4,031.18 crore in the same period of 2019-20, STFC said in a regulatory filing. Total assets under management as on June 30, 2020 stood at Rs 1.12 lakh crore as compared with Rs 1.06 lakh crore a year ago, it said.

The Shriram Group company has presence in consumer finance, life insurance, general insurance, stock broking and distribution business. Shares of STFC on Thursday closed 5.73 per cent higher at Rs 702.60 apiece on the BSE.