Shriram Transport Finance Company, India’s largest player in commercial vehicle finance on Wednesday declared its fourth quarter results.

The company said that it has recorded 38% growth in net profit which stood at Rs 153.85 crore for the fourth quarter ended on March 31, 2009.

The conglomerate also revealed that it would raise up to Rs 1,000 crore in the form of debt.

The commercial vehicle finance company had posted a net profit of Rs 111.86 crore in the March quarter of Financial Year 2008.

Company’s total income has witnessed a growth of 28%, which stood at Rs 1,004 crore during the quarter under review, as against Rs 779 crore in the corresponding period a year-ago.

The sources said that the board has declared a dividend of 40 per cent at the rate of Rs 4 per share for the financial year ended 2008-09. The board has also sanctioned setting up of a wholly-owned arm to focus on equipment finance business.

For the financial year ended March 31, 2009, the Chennai-based company has clocked 57% growth in net profit at Rs 612.40 crore. The firm had a net profit of Rs 389 crore in Financial Year 2008.

Stock of Shriram Transport Finance Corporation ended the day in green at Rs 255, up 9.95% on National Stock Exchange (NSE).