business

Shriram Finance Q1 PAT grows 18.21% to ₹1,980.59 crore

On Jul 27, 2024 By The Hindu Bureau

Shriram Finance Ltd. reported first-quarter standalone net profit grew 18.21% to ₹1,980.59 crore from ₹1,675 crore in the year-earlier period.

Net interest income for the period ended June 30, 2024 stood at ₹5,354 crore, up 20.63% YoY. Provisions increased to ₹1,188 crore from ₹ 879 crore in the year-earlier period.

Net interest margin (NIM) stood at 8.79% in Q1FY25 and was down 23bps YoY. The NIM was largely constant due to a stable yield on advances, the company said in a filing. Gross NPA stood at 5.39% in Q1 FY25 and was down 64bps YoY. Net NPA stood at 2.71% in Q1 FY25 down 25bps YoY. Assets under management (AUM) as of June 30, 2024, increased by 20.82% and stood at ₹2,33,444 crore compared with ₹ 1,93,215 crore in the year-earlier period.

The company reported consolidated net profit grew 18.60% to ₹2,030.64 crore over the same period last year.

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