Shriram Transport Finance Company Ltd has set itself a target of disbursing vehicle finance of Rs 21,000 crore during the current financial year as against Rs 19,000 crore in 2011-12, according to Mr Umesh Revenkar, Managing Director.
After inaugurating Shriram Automall in Bheemunipatnam in Visakhapatnam district on Saturday, he said the company was the leading financier for used (second-hand) commercial vehicles in the country.
“The big transport companies get finance from the banks, but the small and single-vehicle operators come to us. They buy mostly used vehicles. We provide them vehicles in good condition in our automalls. They also get finance at reasonable rates,” he said.
He said during 2011-12, the company had financed 6 lakh vehicles (old and new) and during the current financial year, the number could rise to 6.5 lakh. “The market is steady at present. It is likely to improve in future,” he added.
Mr Revenkar said by 2014 the company would have 50 automalls. The company had received a good response to its vehicle auctions held in different towns and cities.
In response to a question, he said the company had earned net profit of Rs 1,307 crore during 2011-12. The total value of assets managed by it was estimated at Rs 40,000 crore.