The lender had reported a net profit of Rs 320.06 crore in the year-ago quarter.
PTI
July 30, 2021 / 10:05 PM IST
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var titStr=”;var editw=”; var typevar=”; var pparr= new Array(‘Monitoring your investments regularly is important.’,’Add your transaction details to monitor your stock`s performance.’,’You can also track your Transaction History and Capital Gains.’); var phead =’Why add to Portfolio?’; if(secglbVar ==1) { var stkdtxt=’this stock’; var fltxt=’ it ‘; typevar =’Stock ‘; if(lastRsrs.length>1){ stkdtxt=’these stocks’; typevar =’Stocks ‘;fltxt=’ them ‘; } } //var popretStr =lvPOPRHS(phead,pparr); //$ (‘#poprhsAdd’).html(popretStr); //$ (‘.btmbgnwr’).show(); var tickTxt =’‘; if(typparam1==1) { var modalContent = ‘Watchlist has been updated successfully.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //var existsFlag=$ .inArray(‘added’,newappndStr[1]); //$ (‘#toptitleTXT’).html(tickTxt+typevar+’ to your watchlist’); //if(existsFlag == -1) //{ // if(lastRsrs.length > 1) // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exist in your watchlist’); // else // $ (‘#toptitleTXT’).html(tickTxt+typevar+’already exists in your watchlist’); // //} } //$ (‘.accdiv’).html(”); //$ (‘.accdiv’).html(appndStr); } }, //complete:function(d){ // if(typparam1==1) // { // watchlist_popup(‘open’); // } //} }); }); } else { var disNam =’stock’; if($ (‘#impact_option’).html()==’STOCKS’) disNam =’stock’; if($ (‘#impact_option’).html()==’MUTUAL FUNDS’) disNam =’mutual fund’; if($ (‘#impact_option’).html()==’COMMODITIES’) disNam =’commodity’; alert(‘Please select at least one ‘+disNam); } } else { AFTERLOGINCALLBACK = ‘overlayPopup(‘+e+’, ‘+t+’, ‘+n+’)’; commonPopRHS(); /*work_div = 1; typparam = t; typparam1 = n; check_login_pop(1)*/ } } function pcSavePort(param,call_pg,dispId) { var adtxt=”; if(readCookie(‘nnmc’)){ if(call_pg == “2”) { pass_sec = 2; } else { pass_sec = 1; } var url = ‘//www.moneycontrol.com/mccode/common/saveWatchlist.php’; $ .ajax({url:url, type:”POST”, //data:{q_f:3,wSec:1,dispid:$ (‘input[name=sc_dispid_port]’).val()}, data:{q_f:3,wSec:pass_sec,dispid:dispId}, dataType:”json”, success:function(d) { //var accStr= ”; //$ .each(d.ac,function(i,v) //{ // accStr+=”+v.nm+”; //}); $ .each(d.data,function(i,v) { if(v.flg == ‘0’) { var modalContent = ‘Scheme added to your portfolio.’; var modalStatus = ‘success’; //if error, use ‘error’ $ (‘.mc-modal-content’).text(modalContent); $ (‘.mc-modal-wrap’).css(‘display’,’flex’); $ (‘.mc-modal’).addClass(modalStatus); //$ (‘#acc_sel_port’).html(accStr); //$ (‘#mcpcp_addportfolio .form_field, .form_btn’).removeClass(‘disabled’); //$ (‘#mcpcp_addportfolio .form_field input, .form_field select, .form_btn input’).attr(‘disabled’, false); // //if(call_pg == “2”) //{ // adtxt =’ Scheme added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //else //{ // adtxt =’ Stock added to your portfolio We recommend you add transactional details to evaluate your investment better. x‘; //} //$ (‘#mcpcp_addprof_info’).css(‘background-color’,’#eeffc8′); //$ (‘#mcpcp_addprof_info’).html(adtxt); //$ (‘#mcpcp_addprof_info’).show(); 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Non-banking finance company Shriram Transport Finance on Friday reported a 46.90 per cent drop in standalone net profit to Rs 169.94 crore for the quarter ended June due to higher provisioning for bad loans.
The lender had reported a net profit of Rs 320.06 crore in the year-ago quarter.
Its Managing Director and CEO Umesh Revankar said the Q1 FY22 numbers cannot be compared with the same quarter of the previous year as there was a moratorium.
“Due to the second wave of COVID, gross Stage 3 assets (NPAs) increased. So we felt the need to make additional provisioning. We also feel that passenger vehicle segment is still undergoing challenges and hence, we provided for it,” Revankar said.
During the period, it made COVID provisioning of Rs 261.02 crore.
Net interest income (NII) for the quarter rose 14.38 per cent to Rs 2,107.45 crore from Rs 1,842.54 crore in the same period of the previous year.
Gross Stage 3 assets stood at 8.18 per cent from 7.98 per cent. Net Stage 3 assets were at 4.74 per cent as against 5.06 per cent in the year-ago period.
The collections for April, May and June stood at 92 per cent, 87 per cent and 94 per cent.
“We feel that July has been good so far and we expect momentum to be much better in August and September. We should be able to reduce our Stage 3 and Stage 3 levels and will show better results going forward,” Revankar said.
Under the RBI’s Resolution Framework 2.0, the lender has invoked resolution plans for eligible borrowers worth Rs 1,434.14 crore.
The lender restructured Rs 300 crore of loans in the quarter and expects a similar amount of restructuring in the second quarter as well.
Total assets under management (AUM) grew 6.75 per cent to Rs 119,301.37 crore as compared to Rs 111,756.37 crore.
The Q1 numbers include the results of STFC, the holding company, and associate firm Shriram Automall India Ltd.
STFC said its board of directors also approved periodical resource mobilisation by issuance of debt securities.
The company plans to issue such instruments on a private placement basis in tranches from August 1 to October 31, 2021, it added.
The flagship company of the Shriram Group, STFC mainly provides finance for commercial vehicle industry.
Shriram Transport Finance stock closed 1.38 per cent up at Rs 1,391.45 apiece on BSE.
