Umesh Revankar back as head of Shriram Transport Finance

MUMBAI: Umesh Revankar is back to Shriram Transport Finance as managing director and chief executive officer for a period of three years.

Its board of directors today appointed Umesh Revankar as Managing Director & CEO of Shriram Transport Finance Company with effect from October 26, 2016. The current MD Jasmit Singh Gujral will move to Shriram Capital. Revankar was removed as MD in June this year.

The profit after tax rose 15% to Rs 387.65 crore as against Rs 338.10 crore recorded in the same period of the previous year.

Its net interest income for the second quarter ended 30th September, 2016 rose 13% to Rs 1,352.99 crore compared to Rs 1,193.79 crore in the same period of the previous year.

However, asset quality of the non-bank finance company deteriorated during the quarter as net NPA rising to 2.04% from 0.93% a year ago as the company changed NPA recognition norms for financial year to 150 days from 180 days.

The earning per share of the company was at Rs 17.08 as against Rs. 14.90 recorded in the same period of the previous year.

The board declared an interim dividend of Rs 4 (40%) per share, the record date for the entitlement thereof has been fixed as November 04, 2016. The dividend payout would absorb a sum of Rs. 109.23 crores including dividend tax.

Shares of the company rose 0.09% to Rs 1,156 from previous close on the Bombay Stock Exchange.