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Shriram Trans Fin: NIMs impact profits - Views on News from Equitymaster

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Shriram Trans Fin: NIMs impact profits
Jul 24, 2013

Shriram Transport Finance (STFC) declared its results for the first quarter of the financial year 2013-14 (FY14). The institution grew its income from operations and profits by 25% YoY and 7% YoY respectively in 1QFY14. Here is the detailed analysis of the results.

Performance summary
  • Income from operations grows 25.2% YoY in 1QFY14 with a healthy growth in assets under management of 25%.
  • Net interest margins moved down to 7.0% from 7.4% in 1QFY13.
  • Other income up 58% YoY, albeit on a lower base. Net income from securitization fell drastically during 1QFY14.
  • Net profit grows by just 7% YoY in 1QFY14 due to higher provisioning costs.
  • Gross NPAs inched upwards to 3.09% from 3.0% earlier, while the net NPA ratio increased to 0.68% in 1QFY14 from 0.62% in 1QFY13.
  • The final dividend of Rs 4 per share for FY13 was paid on July, 09 2013.
Consolidated financial performance
Rs (m) 1QFY13 1QFY14 Change
Income from operations 15,991 20,025 25.2%
Interest Expense 6,521 9,368 43.7%
Net Interest Income 9,470 10,656 12.5%
Net interest margin (%) 7.4% 7.0%  
Other Income 6 10 57.8%
Other Expense 2,341 2,844 21.5%
Provisions and contingencies 2,086 2,590 24.1%
Profit before tax 5,049 5,232 3.6%
Tax 1,628 1,570 -3.6%
Profit after tax/ (loss) 3,421 3,663 7.1%
Net profit margin (%) 21.4% 18.3%  
No. of shares (m)   226.9  
Book value per share (Rs) 277.5 330.8  
P/BV (x)*   1.5  

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