Shriram Transport Finance Q4 Review - Cautiously Optimistic: Prabhudas Lilladher
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Prabhudas Lilladher Report
Shriram Transport Finance Co.'s Q4 FY21 earnings stood stable with in-line performance on business traction (assets under management Rs 1,172 billion versus our estimate; Rs 1,168 billion; grew 2% QoQ led by used commercial vehicle financing) and provision (Rs 7.2 billion versus our estimate Rs 7 billion and 2.5% credit costs versus 2.4% in Q3).
Moreover, asset quality continues to throw positive surprise with gross non-performing assets restricted to 7% three quarters in a row defying pandemic challenges.
However, second wave engulfing hinterlands is already impacting two aspects of business; namely, employee productivity (internally) and return loads for customers (externally).
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