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Shriram City Union Finance
Shriram City Union Finance (Shriram City) on Friday reported a 23 per cent rise in its consolidated net profit at Rs 383 crore for the quarter ended September 2022 on the back of increased demand as economic activity improved. The company's net profit in the quarter ended September 2021 stood at Rs 301 crore. The income from operations rose by 26.2 per cent to Rs 2,155 crore in July-September period of 2022-23 as against Rs 1,708 crore in the same quarter of 2021-22, the company said in a release. Net interest income -- interest earned minus expended -- grew by nearly 30 per cent to Rs 1,327 crore against Rs 1,022 crore. The non-banking finance company mainly caters to small enterprises. It is among the largest two-wheeler financiers in the country. On a consolidated basis, disbursements rose to the highest ever Rs 9,069 crore, up 28.5 per cent year-on-year, backed by the improving economic activity and strong revival in small enterprise finance, robust demand for gold loans, ...
Shriram City Union Finance will focus on personal, gold and small business loans to achieve its 18 per cent growth in AUM in the current fiscal year amid a slowdown in demand for two-wheelers due to shortage of components and other factors, a top company executive said. Noting that the demand in the economy has not yet fully recovered, while rural and semi-urban areas have been doing better now, Y S Chakravarti, MD & CEO, said majority of the company's business comes from semi-urban and rural markets and anything good for the rural economy will help the company's business. "Our focus will be on personal loan, gold loan and small business loans. In terms of economic recovery, we have not recovered fully. Urban areas are still struggling, to some extent the rural economy has picked up probably because, one the harvest has been good and in current year also there is good rainfall prediction,"Chakravarti told PTI in an interaction. He said the crop harvests and also the prices are ...