Shriram Finance Q2 Profit Up 20% to Rs 2,153 Cr: Share Split Approved

New Delhi, Oct 25 (PTI) Shriram Finance Ltd, the flagship company of diversified conglomerate Shriram Group, on Friday reported a 20 per cent increase in consolidated net profit at Rs 2,153 crore for the second quarter for the current fiscal year.

The NBFC firm had earned a consolidated net profit of Rs 1,792 crore in the second quarter of the previous fiscal.

Total income rose to Rs 10,097 crore in the quarter under review, from Rs 8,564 crore in the same period a year ago, Shriram Finance said in a regulatory filing.

Total expenses also moved up to Rs 7,345 crore, as compared to Rs 6,212 crore in the same period a year ago.

The company's asset quality improved with gross Non-Performing Assets (NPAs) declining to 5.32 per cent of gross advances as of September 30, 2024, from 5.79 per cent by the end of the second quarter of the previous fiscal.

Net NPAs also moderated to 2.64 per cent of the advances, from 2.80 per cent at the end of September last year.

The board approved an interim dividend of 220 per cent or Rs 22 per equity share of face value Rs 10 each fully paid up for 2024-25.

The board also cleared a share split of 1:5 of fully paid equity shares of face value of Rs 10 each. Following the share split the face value of the company will come down to Rs 2 each subject to approval of shareholders of the company.

The record date for the purpose of the sub-division/split of equity shares would be decided after obtaining approval of members of the company and the same will be intimated in due course, it said.