Shriram Transport Finance (STFC) Posts Decent Q3FY13 Numbers
Suparna / 28 Jan 2013
Shriram Transport Finance had reported a decent set of number for Q3FY13. For the December quarter of 2012, its consolidated income from operation grew by 16% to Rs 1796 crore while the net profit grew by 19% to Rs 375 crore.
Shriram Transport Finance (STFC) had reported a decent set of number for Q3FY13. For the December quarter of 2012, its consolidated income from operation grew by 16% to Rs 1796 crore while the net profit grew by 19% to Rs 375 crore.
| Dec Qtr Consolidated Financial Performance | |||
|---|---|---|---|
| Particulars (Rs / Cr) | Dec-12 | Dec-11 | % Change |
| Income from Operations | 1796.16 | 1549.49 | 15.92 |
| Employee Expense | 102.77 | 101.66 | 1.09 |
| Depreciation | 5.56 | 3.89 | 42.93 |
| Provisions | 217.05 | 195.1 | 11.25 |
| Total Expense | 452.21 | 415.57 | 8.82 |
| Interest Expense | 792.6 | 660.67 | 19.97 |
| Tax | 179.61 | 159.03 | 12.94 |
| Net Profit | 375.33 | 314.37 | 19.39 |
| Diluted EPS (Rs) | 16.54 | 13.88 | 19.16 |
Its Net Interest Income (NII) for the quarter grew by 13.7% to Rs 948 crore. Depreciation went up in a major way during the quarter growing by 43% to Rs 5.56 crore while Provisions grew by 11% to Rs 217 crore on a YoY basis. As on 31st December 2012, its consolidated loan book grew by 21% to Rs 49270 crore.
On a standalone basis, the Net Interest Income (NII) of the company grew by 11% to Rs 894 crore while Net Profit increased by 14% to Rs 346 crore on a YoY basis.
Its EPS grew by 19% to Rs 16.54 per share during the December quarter. If annualized, the 9MFY13 EPS would translate into a growth of 10% on a yearly basis to Rs 64 per share. At the current market price of Rs 761 per share, the stock is available at PE of 11.89x its FY13E EPS of Rs 64 per share. The company is a major contender for a banking license and any clarity emerging on that front would send the share price zooming up.
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