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Shriram Transport net grows 35%
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| Business Line | 23rd Jan, 2009 |
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Shriram Transport Finance Company’s net profit grew by 35 per cent to Rs 149.31 crore in the quarter ended December 2008. However, the company’s loan disbursements slowed down by 25 per cent in the third quarter to Rs 2,300 crore, from Rs 3,050 crore in the corresponding quarter in the year ago period. Sequentially also, disbursements have come down by 36 per cent. There has been a slowdown in demand for new vehicles, said Mr R. Sridhar, Managing Director, Shri ram Transport Finance Company. With the improvement in the liquidity position and a pickup in demand, we should be able to disburse around Rs 3,000 crore in the fourth quarter, said Mr Sridhar.
The company’s gross NPA in the third quarter increased marginally to 1.91 per cent (as against 1.61 per cent in quarter ended December 2007).
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