For FY14, Shriram City Union Finance reported net profit of Rs521 crore on higher income from other sources
Shriram City Union Finance Ltd (Shriram City), the non-banking financial company (NBFC) of Shriram group, reported a higher net profit for FY2013-14 on increase in its net interest income (NII) and other income.
For the 12 month to end-March, Shriram City said its net profit increased 16% to Rs521 crore from Rs450 crore, despite a marginal 3% growth in its total revenues to Rs3,173 crore from Rs3,071 crore, a year ago period.
During FY14, the lender said its NII increased 10% to Rs1,823 crore from Rs1,661 crore of FY13. While its non-interest income (other income) grew 5.65 times to Rs65.12 crore from Rs11.54 crore a year ago period.
However during FY14, Shriram City Union Finance's employee benefit expenses increased 21% to Rs271 crore from Rs224 crore a year ago. While its total expenses (including provisions of Rs384 crore) increased 10% to Rs1,108 crore from Rs1,007 crore a year ago period.
As on 31 March 2014, Shriram City's coverage ratio stood at 77.55%, gross non-performing assets ratio (GNPAs) stood at 2.67%. Its net non-performing assets (NNPA) stood at 0.60%.
For the quarter to end-March, Shriram City said its net profit increased 17% to Rs147.44 crore from Rs125.72 crore while its net revenues fell 2.63% to Rs804.25 crore from Rs825 crore, same period last year.
As on 31 March 2014, public shareholding in the Shriram City grew to 34.15% from 13.14%, FII shareholding grew to 25.31% from 25.11%, in a same period a year ago. While, domestic institutional investors (DIIs) shareholding fell to 2.98% from 4.34%, promoters' shareholding fell to 37.56% from 57.31%.
During the December quarter, Shriram City made a public issue of secured non-convertible debentures (NCDs) to raise Rs100 crore.
Shriram City Board also approved to sanction up to 65.79 lakh shares having face value of Rs10 each to Piramal Enterprises Ltd at a price of Rs1,200 per share (including a premium of Rs1,190 per share). Read: Piramal Enterprises to acquire 20% stake in Shriram Capital for Rs2,014 crore
Shriram City declared a final dividend of Rs6 per share.
Shriram City closed Wednesday 5.11% up at Rs1,183.05 on the BSE, while the 30-share Sensex ended the day flat at 22,417.
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