Non banking finance company, Shriram City witnessed a decline of 9.3 % in net profit to Rs 157.74 crore for the third quarter ended December 31, as payments were delayed by borrowers due to demonetization. The company had reported a net profit of Rs 174 crore in the December quarter last fiscal.
Collections for the quarter ended December 2016 is down by 9.9 % as compared to the collections for the September quarter. But Shriram City Union said two wheeler disbursements in October has been record high with festive season and the first week of November also had an important portion of spill over business of previous month, which resulted in muted impact of demonetization when seen on a quarter as a whole.
Income of the company was at Rs 1,555.73 crore for the quarter, up 15.5 percent y-o-y. The company's asset under management (AUM) increased by 18.6 percent to Rs 22,544 crore. Subsidiary Shriram Housing Finance logged a growth of 69.4 percent in AUM at Rs 1,833.40 crore and registered net profit of Rs 23.70 crore, the company further added.
Shriram City share price is currently trading at Rs. 1932.05, down by 94 points or 4.68 per cent from its previous closing of Rs. 2027.00 on the NSE. The scrip opened at Rs. 1990 and has touched a high and low of Rs. 1999.85 and Rs. 1912.55 respectively. So far 18,536 shares were traded on the counter.
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