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Shriram Transport Q3 profit down 17% on additional pandemic provision

Shriram Transport Q3 profit down 17% on additional pandemic provision

Shriram Transport Q3 profit down 17% on additional pandemic provision
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By PTI Jan 29, 2021 11:01 AM IST (Updated)

The company made an additional expected credit loss provision of Rs 224.82 crore in the quarter, taking its overall pandemic provisions to Rs 1,597.62 crore in the April-December period of the fiscal and the total additional pandemic provision at Rs 2,507.26 crore.

Shriram Transport Finance Company on Thursday reported 17 percent decline in net profit at Rs 727.72 crore for December quarter 2020-21 as it made additional provisions related to the COVID-19 pandemic. The key net interest income rose to Rs 2,148.22 crore from Rs 2,113.75 crore in the same period of the previous year.

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The company made an additional expected credit loss provision of Rs 224.82 crore in the quarter, taking its overall pandemic provisions to Rs 1,597.62 crore in the April-December period of the fiscal and the total additional pandemic provision at Rs 2,507.26 crore.
Gross NPA and net NPA as of December 2020 stood at 5.33 percent and 3.22 percent, respectively, as against 8.71 percent and 6.09 percent by the same period a year ago. However, such accounts have been classified as stage 3 and provisioned accordingly. Had the company classified these borrower accounts as NPA after August 2020, the gross NPA and net NPA ratio would have been 7.11 percent and 4.31 percent, respectively, it said.
Total assets under management of the largest asset financing NBFC in the country stood at Rs 1,14,932.06 crore compared to Rs 1,08,931.38 crore by December 2019.
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