Shriram Finance will consider interim dividend and share split THIS month. Shares jump 4%

Shriram Finance’s share price reversed early losses to jump nearly 4% after the company said its board will meet later this month to consider interim dividend and share split. This meeting is scheduled for Friday, October 25th.

Following the announcement, shares of Shriram Finance jumped as much as 3.61 percent to $$3,372.60 each. The stock opened slightly lower on $$3,223.80 against its previous closing of $$3,254.95. However, it soon recovered its losses by trading in the green. At 2:25 pm, the scrip rose 3.47% in $$3,368.

The company, in an exchange document on Friday, said the board will consider the “proposal for amendment of share capital of the company by subdivision/split of existing shares of nominal value of Rs. 10/- each, fully paid in such manner as may be determined by the Board of Directors, subject to the approval of the Members of the Company.”

With regard to the interim dividend, the company has set Thursday, November 7th, as a record date for the payment of said dividend, if approved by the board.

The company’s board will also consider the unaudited individual and consolidated financial results for the second quarter and six months ended September 30, 2024, on that day.

Shriram Financial Bulletin

During the first quarter of the current financial year (Q1FY25), non-banking financial company (NBFC) Shriram Finance recorded a net profit growth of 18.62 percent year-on-year (YoY) in $$2,030.64 million. Stayed in $$1,712.19 crore in the same period last year.

Meanwhile, its net interest income (NII) grew 21 percent year-on-year, to $$5,554.87 crore in Q1 FY25 results compared $$4,580 crore in the year-ago period.

At the end of the first quarter, the NBFC’s total assets under management (AUM) grew by 21% to $$2,33,443.63 million, up from $$1,93,214.67 million in the same period of 2023-24. Consolidated basic earnings per share grew 18.21%, reaching $$53.82 compared to $$45.53 in the corresponding period of the previous year.