Shriram Transport Finance (SHTF IN) Q1FY18 earnings: Strong operating performance (PPOP +23% yoy); Asset quality stable

Posted by: at 7/31/2017 02:41:00 am
Shriram Transport Finance (SHTF IN) Q1FY18 earnings: Strong operating performance (PPOP +23% yoy); Asset quality stable

** Net total income +19% yoy (+13% qoq) to Rs16.2bn – 11% above estimates
** Opex +6% yoy (+22% qoq)
** Operating profit +23% yoy (+11% qoq) to Rs12.7bn
** Provisions +27% yoy (-36% qoq) to Rs5.8n
** PAT +20% yoy (+200% qoq) to Rs4.5bn – 9% above estimates
** AUMs grew +9% yoy (+4% qoq) to Rs816bn
** Asset quality stable qoq with GNPLs at 8% and PCR has improved to ~150bp qoq to 71%  

At Rs995, the stock trades at 1.9x FY19E P/BV and 13x FY19E P/E. Our rating on the stock is currently UNDER REVIEW.


Shriram Transport Finance (SHTF IN) Q1FY18 earnings: Strong operating performance (PPOP +23% yoy); Asset quality stable





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