Income from financing operations was lower at Rs 415.69 crore (Rs 439.53 crore). Other income contributed Rs 45.43 crore (Rs 29.50 crore).

Depreciation accounted for Rs 110.84 crore (Rs 109.63 crore) and provision for taxation was at Rs 12.20 crore (Rs 24.20 crore).

Lease equalisation account reduced the net profit by Rs 1.69 crore while it added Rs 19.42 crore last year. The company has paid 60 per cent by way of interim dividends and no final dividend has been declared. Gross disbursements was at Rs 969 crore (Rs 817 crore) in the core business of hire purchase and leasing.

Capital to risk assets ratio stood at 20.81 per cent and standard assets accounted for 94.34 per cent of the total business assets.

The gross and net non-performing assets were at 5.66 per cent and 2.84 per cent respectively. Earnings per share and book value stood at Rs 21.50 (Rs 26.38) and Rs 178.76 (Rs 163.85). GK Raman, managing director, said that the spread enjoyed has come down and the merger of India Equipment and Leasing with SF has added to writeoffs. The company's provisions and write offs for this year is Rs 40.55 crore as against Rs 36.62 crore last year. The company has signed a letter of intent with Royal & SunAlliance Insurance plc, UK for entering the non life insurance business. SF proposes to enter the depository participant business which will be in synergy with its stock broking entity. Shared services and information technology related activities will be an area that the company proposes to tap for business.