Shriram Finance: Strong Quarter Results after Merger Improvements

Tanushree Jaiswal 29th April 2024 - 12:20 pm

NBFC Shriram Finance on Friday reported that its March quarter standalone profit after tax increased 48.73% year-on-year (YoY) to ₹1,946 crore as against ₹1,308 crores recorded in the same period of the previous year and its net interest income (NII) rose 20% YoY to ₹5,336 crore as against ₹4,446 crore in the same period previous year.

While the profit figure was close to the Street estimates, NII was above expectations. The NBFC announced a final dividend of ₹15 per share which will be paid to eligible shareholders before August 28.

Shriram Finance earnings per share (basic) rose by 48.23%, reaching ₹51.79 against ₹34.94 recorded in the corresponding period of the previous year.

For the financial year ending on March 31, 2024, Shriram Finance's net interest income increased by 16.06% to ₹19,686.85 crore, the company said in its regulatory filing

Furthermore, the company's total assets under management as on March 31, 2024 increased by 21.10% to reach ₹2,24,861.98 crore.

Meanwhile, the Board of Directors has recommended a final dividend of ₹15 per equity share for the financial year 2023-24, subject to approval by members in the upcoming 45th Annual General Meeting of the Company.

This dividend represents 150% of the nominal face value of ₹10 per share, the NBFC said.

NBFC share price were trading 1% higher at ₹2,515 on the BSE on Friday.

Motilal Oswal has buy call on Shriram Finance Ltd. with a target price of ₹2950. The current market price of Shriram Finance is ₹2486.

The EPS is ₹78.09 for Q4 which increased by 2.94% Y-o-Y. Shriram Finance has delivered 5.08% return in the last 1 week, 38.62% return in last 6 months and 21.36% YTD return. Currently the Shriram Finance has a market cap of ₹93641.93 Cr and 52wk high/low of ₹2605.65 and ₹1306 respectively.

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Tanushree Jaiswal

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