Shriram City Union Finance Ltd. reports 15% rise in Q1FY19 profit

Mumbai, July 26, 2018: Leading Small Business financier Shriram City Union Finance Limited (Shriram City) has declared its results for the first quarter of Financial Year 2019.
Standalone Net Profit for the year based on Indian Accounting Standards (“IND AS”) was at Rs. 230 Crore for the Quarter, higher by 15%. Assets Under Management, at Rs. 29193 Crore were up 20.50%.

Mr. R. Duruvasan, MD & CEO, Shriram City commented:”We are pleased to report a healthy First Quarter, a period that is usually represented by somewhat slower growth. We are also seeing a gradual improvement in asset quality, in line with our guidance. Our results also bear out our growth guidance for fiscal 2019.”

About Shriram City Union Finance Ltd. (BSE: SHRMCITY, NSE: SHRIRAMCIT): Over three decades old, Shriram City is among the more important players in the retail financing space. The company offers multiple loan products to small business owners and for acquiring assets such as two wheelers, commercial vehicles, passenger vehicles and homes. It also offers loans against gold ornaments and for personal consumption.  A deposit-accepting NBFC, Shriram City is a part of the over Rs. 1 Lac crore Chennai-based Shriram Group.