Shriram Finance Q4 Earnings: Net Profit Surges 57% To Rs 2,021.28 Cr

Shriram Finance, India's largest non-banking financial company, reported a significant 57 per cent year-on-year increase in its consolidated net profit for the fourth quarter of 2023-24. In Q4 of FY24, the company's consolidated net profit surged to Rs 2,021.28 crore from Rs 1,288.18 crore in the same period of the previous year, driven by higher income and improved asset quality. Total income for the quarter jumped 24 per cent to Rs 9,918.3 crore compared to Rs 7,979.75 crore in the corresponding period of 2022-23.

Total assets under management as of March rose by 21.10 per cent to Rs 2.25 trillion, up from Rs 1.85 trillion in March 2023 and Rs 2.14 trillion in December 2023. For the entire financial year 2023-24, consolidated profit after tax increased by 23 per cent to Rs 7,398.89 crore, while total income for the year grew by 19 per cent to Rs 36,412.99 crore.

In the fourth quarter, consolidated net interest income surged by 23 per cent to Rs 5,543.47 crore compared to Rs 4,533.63 crore in the same period of the previous year. Consolidated EPS (basic) increased by 57 per cent to Rs 53.47 from Rs 34.01 recorded in the corresponding period of the previous year.

The gross non-performing asset (NPA) ratio for the quarter decreased to 5.45 per cent, down from 5.66 per cent in Q3 and 6.21 per cent in Q4 of FY23. Meanwhile, the net NPA ratio stood at 2.70 per cent, a decrease from 2.72 per cent in the October to December quarter and 3.19 per cent in the January to March period of FY23.