For 2023-24, profit increased by 23% to Rs7,399 crore
New Delhi: Shriram Finance Ltd, the flagship company of diversified conglomerate Shriram Group on Friday reported a 57 per cent jump in consolidated net profit to Rs2,021 crore for the March quarter.
The company registered a consolidated net profit of Rs1,288 crore during the corresponding quarter of last year.
During the quarter, the company’s total income increased to Rs9,918 crore as against Rs7,980 crore a year ago, Shriram Finance said in a regulatory filing.
Interest income grew to Rs9,400 crore during the period under review, from Rs7,600 crore in the corresponding quarter a year ago.
Consolidated net interest income for the fourth quarter increased to Rs5,543 crore as against Rs4,534 crore in the year-ago period.
The company recommended a final dividend of Rs15 per equity share of face value of Rs10 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 Rs20 on October 26, 2023 and the second of Rs 10 on January 25, 2024, it said.
With this, the total dividend will be Rs45 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 ended March 31, 2024, the consolidated profit increased by 23 per cent to Rs7,399 crore as against Rs6,020 crore recorded in the previous year.
Total assets under management as on March increased 21 per cent to Rs2,24,862 crore as compared to Rs ,85,682.86 crore at the end of the previous fiscal.
