Shriram City Union Finance Q3 results: Shriram City Union Finance Q3 results: Profit up 6% at Rs 322 cr

New Delhi: Shriram City Union Finance on Friday announced a 6% increase in its consolidated net profit to Rs 322 crore for the quarter ended December 2021, recording the highest loan on record. The Chennai-based Non-Banking Financial Corporation (NBFC) had recorded a net profit of Rs 304 crore in the prior year quarter.

Operating income increased by 18.5% to Rs 1,860 crore in the October-December 2021-22 period from Rs 1,569 crore in the year-ago quarter, it said. he declared in a regulatory file.

Interest income also increased by nearly 15% to Rs 1,140 crore.

The company said it had the highest lending performance ever in the quarter under review with disbursements of Rs 8,398 crore and collection efficiency exceeded 100%.

Assets under management (AUM) increased by 16.3% to Rs 36,853 crore.

On a stand-alone basis, the company said it recorded the best profit ever in eight quarters at Rs 293 crore. Furthermore, the loan disbursement of Rs 7,630 crore, exceeding Rs 6,197 crore, was the best quarterly disbursement ever to date.

The board had approved the company’s proposed merger with Shriram Transport Finance on December 13, 2021.

“The merger plan which has a fixed date of April 1 now awaits approval from regulators and the company’s shareholders,” he added.

Shares of the company closed down 0.51% at Rs 1,782.25 on BSE.