Shriram Finance Q4 Profit Soars 57% to Rs 2,021 Cr

New Delhi, Apr 26 (PTI) Shriram Finance Ltd, the flagship company of diversified conglomerate Shriram Group, on Friday reported a 57 per cent jump in consolidated net profit to Rs 2,021 crore for the March quarter.

The company registered a consolidated net profit of Rs 1,288 crore during the corresponding quarter of last year.

During the quarter, the company's total income increased to Rs 9,918 crore as against Rs 7,980 crore a year ago, Shriram Finance said in a regulatory filing.

Interest income grew to Rs 9,400 crore during the period under review, from Rs 7,600 crore in the corresponding quarter a year ago.

Consolidated net interest income for the fourth quarter increased to Rs 5,543 crore as against Rs 4,534 crore in the year-ago period.

The company recommended a final dividend of Rs 15 per equity share of face value of Rs 10 each fully paid-up (i.e. 150 per cent) for the financial year ended March 31, 2024, subject to approval of shareholders at the ensuing AGM.

This is in addition to the two interim dividends during 2023-24 declared by the company of Rs 20 on October 26, 2023 and the second of Rs 10 on January 25, 2024, it said.

With this, the total dividend will be Rs 45 per share (i.e. 450 per cent), it added.

The board of the company also approved acquisition of 100 per cent equity stake in Shriram Overseas Investments Private Limited (SOIPL) from Shriram Investments Holdings Pvt Ltd.

For the year ending March 31, 2024, the consolidated profit increased by 23 per cent to Rs 7,399 crore as against Rs 6,020 crore recorded in the previous year.

Total assets under management as on March increased 21 per cent to Rs 2,24,862 crore as compared to Rs 1,85,682.86 crore at the end of the previous fiscal.