Shriram Group cos report surge in net

Chennai, Jun 28 (UNI) The board meetings of Shriram Transport Finance Company Limited (STFC) and Shriram Overseas Finance Limited (SOFL) of the Shriram Group, a leading financial services conglomerate, were held today to consider the financial results for the year ended March 31,2006.

The revenues of STFC, post merger with Shriram Investments Ltd, surged by 145.24 per cent to Rs 850.23 crore as against Rs 346.69 crore the previous year.

The profit after tax was up 145.78 per cent to Rs 121.22 crore as against Rs 49.32 crore last year, a company release here said.

The company had changed its accounting policy in respect of income on securitisation as per the latest RBI Guidelines and also in respect of additional finance charges.

But for this change, profit before tax for the quarter and the year would have been higher by Rs 9.01 crore and Rs 24.18 crore respectively.

STFC has proposed an interim dividend of 20 per cent. This was in addition to the earlier interim dividend of 10 per cent paid in December 2005.

The revenues of SOFL surged by 106.91 per cent to Rs 63.19 crore as against Rs 30.54 crore the previous year. The profit after tax also rose by 72.60 per cent to Rs 19.59 crore as against Rs 11.35 crore recorded in the earlier year.

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