MUMBAI:
Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the first quarter for Financial Year 2020.
Standalone Assets under Management grew to Rs. 30352 Crores, up 4.50% year-on-year. The Company disbursed loans worth Rs. 6275 Crores in the quarter. Credit costs have reduced by 15% compared to last year. Standalone Net Profit, at Rs. 253 Crores was higher by 10%. Subsidiary Shriram Housing Finance Ltd. grew its Assets under Management by 4.67% year-on- year and 4.61% sequentially.
Y.S. Chakravarty, MD & CEO, Shriram City said, ”We are glad to report a steady quarter. We generally experience a milder growth environment in the first quarter of any year, with traction coming in only in the second half. Our asset quality continues to improve. The Company is also comfortably placed with regard to liquidity, and continues to successfully explore sources of funds which are of longer tenors than in the past.”
