Shriram Finance (SHRIRAMFIN) Q4 12/13 earnings summary

Executive summary

• Consolidated total income rose 13.5% YoY to ₹7,015.96 crore; net profit increased 11.8% to ₹1,463.43 crore, with AUM above ₹50,000 crore.

• Standalone total income increased 11.4% to ₹6,563.59 crore and PAT rose 8.2% to ₹1,360.62 crore.

• Auditors gave an unqualified opinion on the FY13 financial statements.

Financial highlights

• Consolidated net interest income rose 9.5% YoY to ₹3,657.84 crore; EPS increased 11.5% to ₹64.52.

• Standalone net interest income increased 7.2% to ₹3,458.82 crore; basic EPS rose 7.9% to ₹59.98.

• Standalone PBT was ₹2,016.19 crore versus ₹1,880.91 crore; PAT was ₹1,360.62 crore versus ₹1,257.45 crore.

• Consolidated revenue from operations was ₹7,014.43 crore; PAT was ₹1,463.43 crore versus ₹1,308.81 crore.

Outlook and guidance

• Management expected continued growth despite weak macroeconomic conditions, citing pre-owned vehicle financing, LCV focus, rural reach and customer relationships.

• Proposed a public NCD issue of up to ₹2,000 crore in one or more tranches during FY14.

• Growth prospects cited for LCVs, pre-owned CV replacement demand and construction equipment, supported by infrastructure investment plans.