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Prabhudas Lilladher Report
Shriram Transport Finance Company Ltd.’s Q1 FY22 earnings were marred by doubling of sequential provisions (credit costs spiked 238 basis points QoQ to 4.9%) as select segments (tourism, school buses, passenger vehicles led transport) faced second wave challenges.
Stage-II spiked 260 bps to 14.5%, stage-III by 112 bps to 8.18% as lesser number of customers opted for restructuring (1% of book).
Shriram Transport Finance’s disbursements (Rs 127 billion) stood healthy at YoY levels as a result of strong existing proposals pipe-line.
Going forward, re-rating from current levels would be an outcome of ultimate credit loss which will be function of performance of perceivable stress pool which is currently at 23% (stage I+II).
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