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Bond Market News

Shriram Transport Finance’s Net Profit Jumps 44%

April 29, 2022

India’s Shriram Transport Finance’s (STFC) net profits jumped 44% YoY in the preceding quarter to INR 10.9bn ($140mn). Net interest income increased 22% to INR 26.3bn ($340mn), helping profits tick higher. Total operating revenues were up 13% to INR 50.9bn ($660mn) during the quarter. Impairment on financial instruments were reported at INR 7.6bn ($10mn) vs. INR 7.24bn ($9.4mn) during the same period last year. Its total AUM stood at INR 1270bn ($16.6bn), up 8% YoY. As at end-March 2022, STFC’s cash/cash equivalents and bank balances were at INR 163bn ($2.1bn). Total debt securities on its books were at INR 412.6bn ($5.4bn) while borrowings other than debt securities stood at INR 466.8bn ($6.1bn). Its debt-to-equity was unchanged at 4.39x. Shriram’s net profit margins were up 730bp YoY to 21.45%.

STFC’s USD 4.15% 2025s were flat at 91.93, yielding 7%.

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