Shriram Finance share price reversed initial losses to jump nearly 4 per cent after the company said its board will meet later this month to consider interim dividend and stock split. The said meeting is slated for Friday, October 25.
Following the announcement, Shriram Finance stock jumped as much as 3.61 per cent to ₹3,372.60 apiece. The stock opened slightly lower at ₹3,223.80 against its previous close of ₹3,254.95. However, it soon recouped losses to trade in the green. At 2.25 pm, the scrip was up 3.47 per cent at ₹3,368.
The company in an exchange filing on Friday said the board will consider the “proposal of alteration in the share capital of the company by sub-division/split of existing equity shares having face value of Rs. 10/- each, fully paid up in such manner as may be determined by the Board of Directors, subject to the approval of the Members of the Company.”
With regards to the interim dividend, the company has fixed Thursday, November 7, as the record date for the payment of the said dividend, if approved by the board.
The company’s board will also consider the unaudited standalone and consolidated financial results for the second quarter and half year ended September 30, 2024, on that day.
Shriram Finance Reportcard
During the first quarter of the current financial year (Q1 FY25), non-banking finance company (NBFC) Shriram Finance had posted a net profit growth of 18.62 per cent year-on-year (YoY) at ₹2,030.64 crore. It stood at ₹1,712.19 crore in the same period last year.
Meanwhile, its net interest income (NII) grew by 21 per cent YoY to ₹5,554.87 crore in Q1 FY25 results as against ₹4,580 crore in the year-ago period.
By the end of the first quarter, the NBFC’s total assets under management (AUM) grew by 21% to ₹2,33,443.63 crore, up from ₹1,93,214.67 crore in the same period of 2023-24. The consolidated basic EPS rose by 18.21%, reaching ₹53.82 compared to ₹45.53 in the corresponding period of the previous year.