Non-banking finance company Shriram Transport Finance is looking at a 10-12 per cent growth in its asset under management (AUM) during fiscal 2021-22, its managing director and CEO Umesh Revankar said.
The asset financing NBFC registered a 6.83 per cent growth in its AUM to Rs 117,242.83 crore as of March 31, 2021, compared to Rs 109,749.24 crore as of March 2020.
"We have kept a target of 10-12 per cent growth in our AUM in FY22. We feel that there is enough pent-up demand. Even though the demand is temporarily getting postponed because of the surge in COVID-19 cases, it will come back by June, Revankar said.
The non-bank lender's collections improved to 103 per cent in the fourth quarter of FY21 from 97 per cent in December 2020.
Revankar said disruptions caused due to the restriction in movements imposed by several states to stem a surge in COVID-19 cases may have a short-term impact on collections but will normalise by June.
Collections may be temporarily down in May and April but by June things should become normal. There are no restrictions on transportations of goods and agriculture activities and so, I don't see any challenge as far as business is concerned, he said.
In the quarter ended March 31, 2021, the lender's profit after tax stood at Rs 754.93 crore as against Rs 223.38 crore in the year-ago quarter.
For fiscal 2020-21, PAT stood at Rs 2,487.26 crore as against Rs 2,501.84 crore in FY2019-2020.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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