Shriram Finance‘s share price shot up sharply after the lender posted its earnings for the quarter ended June.

What Happened: The company reported a consolidated net profit of ₹2,022.8 crore for the quarter ended June, which was a 19% increase from ₹1,705 crore in the same quarter last year.

The non-banking financial company's total revenue from operations was ₹9,605 crore, up 20% year-on-year from the ₹8,003 crore posted in the corresponding quarter of the previous year.

Net interest income — the difference between a bank’s income from lending activities and interest paid to depositors —  rose by 20.63% to ₹5,354.47 crore, compared to ₹4,438.68 crore in the same period of the previous year.

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Total assets under management (AUM) as of June 30, increased by 20.82% to ₹2.33 lakh crore, compared to ₹1.93 lakh crore as of June 30, 2023, and ₹2.24 lakh crore as of March 31, 2024.

Shares of the NBFC that were muted ahead of the earnings, shot up sharply as soon the announcement was made.

Price Action: Shriram Finance’s share price was up 6.75% to trade at ₹2,859.95 on Friday afternoon.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.