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Nirmal Bang Report
Shriram Transport Finance Company Ltd. is well placed to offer an attractive commercial vehicle cycle play at low valuation. In contrast to other non-banking financial companies, we are expecting net interest margin expansion for the company as excess liquidity on the book normalises.
The NBFC has shown an overall improvement in stage II and stage III assets while write-offs are in line with FY19-20 levels. Shriram Transport Finance carries excess provisions of Rs 20.5 billion, 1.6% of gross advances.
The shareholders’, creditors’ voting for the merger within the Shriram Group is scheduled from July 01 to 03, 2022, which can be a positive catalyst for the stock in the near term.
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