The non-banking finance company’s reported a 6.4 percent year-on-year fall in the December quarter net profit at Rs 680.62 crore
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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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Shriram Transport Finance Corporation’s share price rose 4 percent intraday on January 25, a day after the non-banking finance company (NBFC) reported a 6.4 percent fall in its December quarter net profit at Rs 680.62 crore against Rs 727.72 crore in the year-ago period.
Shriram Transport Finance Corporation’s net interest income was at Rs 2,387.97 crore from Rs 2,148.22 crore in the same quarter of the previous fiscal. Earning per share stood at Rs 25.26 against Rs 29.54, YoY.
Total assets under management as on December 31, 2021 were at Rs 124,601.77 crore up from Rs 114,932.06 crore in the corresponding quarter of the previous year, the release said.
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Here is what brokerages have to say about the stock and the company after the December quarter earnings:
CLSA
Research firm CLSA has upgraded the stock to “buy” with a target at Rs 1,600 a share.
There was an in line growth in AUM and the net interest income (NII), while profit was a miss. Excluding RBI norms impact, NPAs fell 20 bps sequentially.
As the merger with group companies is still in progress, have not accounted for this in estimates.
CLSA has cut FY22 estimates by 11 percent due to higher credit costs.
Motilal Oswal
Operational performance has been strong as evident in the healthy growth in disbursements, which translated into an 8 percent YoY growth in AUM.
Daily stamping of NPA (as per RBI’s revised guidelines) led to an impact of around 60bp on Stage 3 assets and consequently higher credit costs.
The company further increased PCR on its Stage 3 loans by around 200bp in its endeavour to deliver Net Stage 3 of less than 4 percent by FY22-end.
These elevated credit costs in 3QFY22 are one-off in nature (not recurring).
We expect the company to increase its collection rigour and educate its customers in subsequent quarters to deliver an improved asset quality.
At 9.35 am, Shriram Transport Finance Corporation was quoting at Rs 1,182.70, up Rs 28.10, or 2.43 percent, on the BSE.
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