Shriram Transport Finance Q2FY19 PAT up by 22.59% at INR 609 crore

The Net Interest Income for the Second quarter ended 30th September, 2018 increased by 24.63 % at Rs. 2,055.34 crores as against Rs.1,649.09 crores in the same period of the previous year.

The Board Meeting of Shriram Transport Finance Company Limited (STFC), the largest asset financing NBFC in the country, was held today to consider the unaudited financial results for the Second quarter ended 30th September, 2018.

Financials (Standalone) :

Ind AS

STFC has adopted Indian Accounting Standards ( Ind AS ) from 1st. April, 2018 and hence reported the Quarter ended 30th September, 2018 with Ind AS comparitives for quarter ended 30th September, 2017. Accordingly , figures for the previous year/period have been recast as per new Accounting Standards.

First quarter ended 30th September, 2018 :

The Net Interest Income for the Second quarter ended 30th September, 2018 increased by 24.63 % at Rs. 2,055.34 crores as against Rs.1,649.09 crores in the same period of the previous year. The profit after tax increased by 22.59 % at Rs.609.58 crores as against Rs. 497.22 crores recorded in the same period of the previous year. The earning per share (basic) for the second quarter ended 30th September, 2018 increased by 22.59 % at Rs. 26.86 as against Rs. 21.91 recorded in the same period of the previous year.

Assets under Management :

Total Assets under Management as on 30th September, 2018 stands at Rs. 104,379.83 crores as compared to Rs. 86,356.51 crores as on 30th September, 2017.

Interim Dividend :-

The Board declared an Interim Dividend of Rs 5.00 (50%) per share, the Record Date for the entitlement thereof has been fixed as November 06, 2018. The dividend payout would absorb a sum of Rs. 136.76 crores (including dividend tax).

Changes in Directors :-

Appointment of Director :

Pradeep Kumar Panja (DIN 03614568) has been appointed as an Additional Director of the Company in the category of Independent Director. Pradeep Kumar Panja is appointed for a period of 5 (five) years commencing from October 25, 2018, subject to approval of the shareholders.

Resignation of Director :

Amitabh Chaudhry (DIN 00531120) resigned as an Independent Director of the Company from the directorship of the Company with effect from October 26, 2018 due to requirement and necessary condition for his appointment to India’s one of the largest private sector Bank.

About Shriram Transport Finance Company Limited

Shriram Transport Finance Company Limited is the flagship company of the Shriram group which has significant presence in Consumer Finance, Life Insurance, General Insurance, Stock Broking and Distribution businesses. Established in 1979, Shriram Transport is today the largest asset financing NBFC in the country and holistic finance provider for the commercial vehicle industry and seeks to partner small truck owners for every possible need related to their assets. It has PAN India presence with 1,301 branch offices. Based at Mumbai, it manages assets under management over Rs 104,379.83 crores and has a live customer base of app. 20.4 lacs.

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