Shriram City Union Finance plans Rs 23k cr disbursements in FY22

01 Sep 2021 CW Team

Shriram City Union Finance is observing overall disbursements of Rs 22,000-23,000 crore in the ongoing financial year (FY).

Throughout the first quarter of 2021-22, the banking company spent Rs 4,560 crore compared to Rs 6,570 in March 2021 quarter.

Y S Chakravarti, the CEO and Managing Director, told the media that July 2021 was better than June, with expenses crossing over Rs 3,000 crore.

In July, even the collection performance reached close to 100% compared to 93% in June.

Chakravarti revealed that on average, the expenses are nearly Rs 6,200-6,300 crore per quarter. He said in the remaining three quarters, they expect to reach around Rs 18,000-19,000 crore and would end up with Rs 22,000-23,000 crore.

The lender gives finance to segments comprising small and medium enterprises (SME), personal loans, gold loans, two-wheelers, and loans against property.

Another big part for the lender is financing a two-wheeler, which is nearly 26-27% of its entire loan portfolio. He expects to spend around Rs 1,500-1,600 crore in the two-wheeler part in the second quarter of the ongoing fiscal.

The quarter ended in June 2021, the lender recorded a profit after tax of Rs 208 crore compared to Rs 192 crore in the year-ago period. Its asset quality was enhanced year-on-year, by gross stage 3 levels at 6.91% in Q1 FY22 as against 7.28% in the corresponding quarter of the last fiscal.

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Also read: Shriram Transport Finance to raise Rs 500 cr via QIP

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