In the June 2022 quarter, the company booked a net profit of Rs 8,155 crore. And in the reporting quarter the same printed at Rs 509 crore led by a gain of Rs 855 crore from the sale of its 8.34% in Shriram Finance for Rs 4,820 crore, the company said in a statement.
Total assets of the company rose to Rs 63,938 crore, of which retail loans constituted 55%, up from 34% a year ago. Retail loans grew 57% to Rs 34,891 crore. On the other hand, the wholesale book came down by 38% to Rs 26,002 crore and the quarterly wholesale loans grew by 355% to Rs 3,045 crore.
Average borrowing cost came down to 8.6% from 8.8%.
The NBFC’s asset quality improved with gross NPAs falling to 2.8% from 3.8% and net NPAs to 1.5% from 1.9%.
Provision coverage ratio for wholesale book came down to 7.6% from 10.5%, resulting from the sell-down and resolution of a few stressed assets.
Interest income declined 10% to Rs 1,725 crore, while other operating income rose to Rs 189 crore from Rs 58 crore. Of this net interest income fell 22% Rs 891 crore.