Sundaram Finance Q1 net rises 18% to ₹226 crore
The Hindu
Disbursements more than doubled to grew by 138% to ₹4,895 crore
Non-banking finance company (NBFC) Sundaram Finance Ltd. has posted a 18% growth in standalone net profit for the first quarter to ₹226 crore.
Disbursements more than doubled to to ₹4,895 crore. Total revenue from operations dipped by almost 2% to ₹935 crore. Capital adequacy stood at 24.1%, the NBFC said in a statement.
“We have re-established our pre-pandemic growth trajectory with the highest-ever first quarter disbursements,” said Harsha Viji, executive vice-chairman.
“Overall economic activity continues to improve across all segments despite inflationary concerns and related interest rate hikes,” he said.
Assets under management rose to ₹30,552 crore (₹29,823 crore). The total restructured assets under Covid relief measures enabled by the RBI was ₹1,234 crore, about 4.07% of loan outstanding.
Gross & Net non-performing assets stood at 2.66% & 1.41% against 4.59% & 3.38% respectively.
“The first quarter is off to a strong start and to plan. We regained share across most asset classes and remain focused on extending our share in all markets,” said Rajiv C. Lochan, MD.
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