Shriram City Union Finance rallies 11% after Q4 profit doubles

Shriram City Union Finance rallies 11% after Q4 profit doubles


NEW DELHI: Shares of on Monday jumped 11 per cent after the company reported a nearly two-fold rise in consolidated net profit for the last quarter of fiscal ended March 2021.

The stock gained 10.49 per cent to Rs 1,557.55 on the BSE.

At the NSE, it rallied 10.95 per cent to Rs 1,559.70.

Shriram City Union Finance on Friday reported a nearly two-fold rise in consolidated net profit at Rs 298.28 crore for the last quarter of fiscal ended March 2021.

The company’s net profit was Rs 150.92 crore in the corresponding period of 2019-20.

Total income in Q4 FY21 was slightly up at Rs 1,599.64 crore, as against Rs 1,547.59 crore earlier, the company said in a regulatory filing.

The non-banking finance company said it has considered an additional expected credit loss provision of Rs 117 crore and Rs 283 crore on account of COVID-19 during the quarter and year ended March 2021, respectively.

The board of the company has recommended a final dividend of Rs 13 per share for the fiscal.



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