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STFC Quarterly Profit Surges
STFC - 30 January, 2007
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PRESS RELEASE
Tuesday, the 30th January 2007, Mumbai - The Board Meeting of Shriram Transport Finance Company Limited (STFC), the largest asset financing NBFC in the country, was held today to consider the un-audited financial results for the quarter ended 31st December 2006.
For the quarter ended 31st December 2006
The revenues of STFC surged by 71.61% to Rs.375.66 crores as against Rs.218.90 crores of the previous year. The profit after tax also rose by 71.34 % to Rs.57.57 crores as against Rs.33.60 crores recorded in the same period earlier year.
For the nine months ended 31st December 2006
The revenues of STFC surged by 52.12 % to Rs.993.42 crores as against Rs.653.06 crores of the previous year. The profit after tax also rose by 39.12 % to Rs.144.62 crores as against Rs.103.95 crores recorded in the same period earlier year.
Accounting for Securitisation Transactions
The Company recognizes income on account of securitisation over the tenor of the agreements. The revenues and profit after tax would have been higher by Rs.33.28 Crores and Rs.22.08 Crores respectively for the quarter ended 31st December 2006 and Rs.54.69 Crores and Rs.36.28 Crores respectively for the nine months ended 31st December 2006, if the income from securitisation transactions was recognized upfront.
AUM crosses Rs.10,000 crores
The Assets under management (AUM) crossed Rs.10,000 crores and stood at Rs.10,142.74 crores as on 31st December 2006.
About Shriram Conglomerate
Shriram Conglomerate, established in the year 1974, is among the leading corporate houses in Southern India and a major player in the Indian financial services sector. Shriram is the leader in the Chit and truck financing business. Shriram manages funds of over Rs.10,000 crores in its truck financing business and has a significant presence in consumer durable financing, insurance broking and stock broking business as well .With a joint venture agreement with Sanlam Life Insurance in May 2005, Shriram has also forayed into the Indian Life Insurance sector. With a network of over 600 branches spread over urban as well as semi urban and rural areas and an experienced sales force of over 65,000 agents, Shriram has one of the widest distribution reach that caters to over 3 million customers in India.
For Further information, please contact:
R Sridhar
Managing Director
SHRIRAM TRANSPORT FINANCE CO LTD
Email: sridhar@stfc.in
Anu Lakshman
Branch Manager
IPAN
98410 39574
anu.lakshman@jwt.com
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