Shriram Finance shares record new all-time high after Q2 earnings; is it a good time to buy?
Shriram Finance, a non-banking financial company (NBFC), experienced a notable 12.9% surge in its stock price, hitting a new all-time high ₹2,029.7 per share during Friday's trading session, propelled by its impressive Q2FY24 performance. In its quarterly report released on Thursday, the NBFC reported a consolidated net profit of ₹1,792 crore, marking a 13% increase compared to ₹1,578.56 crore in Q2 FY23.
The company's net interest income in Q2 FY24 came in at ₹4,969.39 crore, a growth of 18.80% YoY, driven by strong loan growth, while the net interest margin expanded to 8.9% in Q2 FY24, reflecting a 67-basis point increase year-on-year. Its total assets under management during the quarter increased by 19.65% to reach ₹202,640.96 crore as compared to ₹169,359.08 crore reported in Q2 FY23 and ₹193,214.67 crore in Q1 FY24.
Shriram Finance is a leading financial institution primarily focused on providing financing solutions for various sectors. The company specialises in offering financial services for commercial vehicles, passenger vehicles, construction equipment, farm equipment, micro, small, and medium enterprises (MSMEs), two-wheelers, as well as gold and personal loans.
Colgate Palmolive share price rises after Q2 results; should you buy, sell or hold the stock? In response to the company's stellar performance, domestic brokerage firms maintained their ‘buy’ ratings on the stock. Brokerage firm Centrum Broking maintained its 'buy' rating on the stock with an unchanged target price of ₹2,400 apiece, which indicates an upside of 22.5% from its current market price.
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