Shriram Transport Finance reported a fall of 17% year-on-year in its net profit for the quarter ended March 31 to R295 crore. The truck finance company's net profit was hurt by a steep rise in finance costs and provisions.
Finance costs stood at R1,007.84 crore during the January-March period, up 23% from a year ago. Provisions and write-offs for the three-month period rose 37% from the previous year to R303.64 crore.
Shriram Transport's other income during the quarter dropped 17.4% y-o-y to R1.47 crore. Total income stood at R2,005.37 crore, up 13% from the same period last year.
Net interest income (NII) for the fourth quarter stood at R912.43 crore, up just 2% from a year ago. Total AUM as on March 31, 2014, was R53,102.11 compared to R49,676.01 crore as on March 31, 2013.
Consolidated net profit for the quarter stood at R315 crore, down 18% from the previous year. Consolidated NII rose 1.7% from a year ago to R967.71 crore.
Consolidated numbers include earnings from Shriram Commercial Finance and Shriram Automall, apart from the main commercial vehicle finance company. For the full financial year ended March 2014, the Mumbai-based company reported a net-profit of R1,358 crore, down 7% from a year ago.