Shriram City posts nearly 61% decline in Q4 net profit; stock down over 1%

Shriram City Union Finance on Thursday reported a 60.63% decline in consolidated net profit at Rs 61.16 crore for the March quarter on account of sharp increase in provisions and bad debt write-offs.

The Chennai-based company's net profit was Rs 155.38 crore in the year-ago period.

The company's total income from operations for the January-March period soared  up 11.29% to Rs 1,022.9 crore from Rs 919.12 crore in the year-ago period, Shriram City Union said in a Bombay Stock Exchange (BSE) filing.

During the fourth quarter(Q4), the firm's provisions and write-offs increased by over two-fold to Rs 258.23 crore as against Rs 107.96 crore in the corresponding period of previous fiscal.

For the entire 2015-16, the net profit of the firm stood at Rs 552.07 crore as against Rs 571.41 crore a year ago.

The company's total income from operations also grew to Rs 3,998.19 crore in 2015-16 from Rs 3,561.7 crore in 2014-15.

The company's Board of Directors recommended a final dividend of Rs 10 per equity share of Rs 10 each.

Shares of the were trading 1.93 per cent down at Rs 1,622 apiece on BSE.

At 13:19 hours, the shares of Shriram City Union Finance were trading down 1.45% or Rs 23.95 to Rs 1,629.90 per scrip on the BSE.