Gross profit was Rs 4.51 crore in the first quarter, or 32 per cent higher than its gross profit in the corresponding period of the previous year. Shrachi stated in a release on Wednesday that after making provisions for depreciation, lease equalisation and interest, totalling Rs 3.77 crore, the company has been able to maintain a net profit of Rs 74.79 lakh.

Disbursement for the current financial year amounted to Rs 6.93 crore, compared with Rs 3.70 crore last year. The 87 per cent increase in disbursement has been due to higher purchase and leasing. Shrachi, which has been operating as a franchisee of Citicorp Finance (India) Ltd, accounts for 20 per cent of Citicorp's 8 per cent share in the Indian market. The company has therefore been judged as Citicorp's best franchisee.