Financial Daily from THE HINDU group of publications
Wednesday, May 08, 2002
Financial Daily from THE HINDU group of publications Wednesday, May 08, 2002 |
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Money & Banking
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NBFCs Corporate Results - NBFCs Ashok Leyland Finance Q4 net profit up at Rs 11.5 cr Our Bureau
CHENNAI, May 7, 2002 ASHOK Leyland Finance Ltd has reported a net profit of Rs 11.57 crore in the quarter ended March 31, 2002, as against Rs 6.39 crore in the same quarter of the previous year. The company's net for the whole year 2001-02 was up 74 per cent at Rs 37.64 crore, as against Rs 16.18 crore in the 9-month previous year. The company's board has recommended a final dividend of Rs 3 per share (30 per cent). Earlier, it had paid an interim dividend of Rs 2 per share (20 per cent). At a press conference here, the Managing Director, Mr S Nagarajan, said that the company's asset base had crossed Rs 3,000 crore and disbursements amounted to Rs 821 crore. Net non-performing assets were down to 0.85 per cent of advances. He said that in order to keep up with the capital adequacy norms, Ashok Leyland Finance would raise Rs 100 crore through an issue of preference shares. This is likely to happen in September. Mr Nagarajan said that the company would continue to rely substantially on securitisation of its assets to fund its operations. Of the Rs 2,213 crore of funds raised last year, as much as Rs 678 crore (or 31 per cent) came from securitisation. Term loans amounted to Rs 447 crore (20 per cent), and the rest came from fixed deposits, CP/FCNR(B) loans, debentures and line of credit. On the asset side, two-wheeler finance continued to be the major driver. Last year, the company disbursed Rs 380 crore under this head, as against Rs 66 crore in the (9-month) previous year. Mr Nagarajan said that Ashok Leyland Finance was working on the finer details of a new product, for funding working capital needs of its commercial vehicle customers. The company would also discount bills of its customers, he said. Besides, in association with its parent company, Ashok Leyland, ALF would issue `affinity cards' to its customers. The cardholders can use the cards for buying spare parts from Ashok Leyland and its dealers.
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