Sundaram Finance reports 43% rise in Q4 net profit

The Chennai-based company registered a net profit at Rs 209 crore during the corresponding quarter previous year

AgenciesUpdated: Wednesday, May 25, 2022, 08:53 PM IST
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For the year ending March 31, 2022, the net profit grew by 11.6 percent to Rs 903 crore as against Rs 809 crore registered a year ago, a company statement said here. /Logo |

Sundaram Finance Ltd has reported a 43 percent jump in its net profit for the quarter ending March 31, 2022 at Rs 299 crore, the company said on Wednesday.

The city-based company registered a net profit at Rs 209 crore during the corresponding quarter previous year.

For the year ending March 31, 2022, the net profit grew by 11.6 percent to Rs 903 crore as against Rs 809 crore registered a year ago, a company statement said here.

Disbursements during the quarter under review grew to Rs 3,751 crore as against Rs 3,305 crore registered in the corresponding quarter previous year. Disbursements for the year ending March 31, 2022 stood at Rs 13,275 crore as against Rs 11,742 crore registered year ago.

Adjusting to the the Centre's Emergency Credit Line Guarantee Scheme, disbursements in Q4 grew by 16 percent while for the year ending March 31, 2022 grew by 23 percent, the statement said.

The Board of the company recommended a final dividend of Rs 10 per share (100 percent) along with the interim dividend of Rs 10 per share totalling Rs 20 per share (200 percent).

''Overall economic activity improved in FY '22 after a difficult first quarter due to the second wave of the pandemic and demand remained robust across segments in the rest of the year,'' company executive vice-chairman Harsha Viji said.

''We regained share across most asset classes and grew our core business by 23 percent year-on-year, closed the year with best-in-class asset quality levels, and delivered double-digit profit growth,'' he said.

Sundaram Finance MD Rajiv Lochan said the company expanded in Madhya Pradesh, Rajasthan, Himachal Pradesh, Punjab and Uttaranchal.

''We added people in the North and west...leadership team has been strengthened in these regions. North and West bounced back better than the South from second wave. We expect the South market to bounce back strongly this year,'' he said.

Lochan said the company was targeting to increase marketshare this year in asset class and geographies that the company was present in.

''We added 300 people in FY22 and expect to add another 400-500 this year'', he said. The assets under management stood at Rs 29,532 crore as on March 31, 2022 as against Rs 30,882 crore as on March 31, 2021, the statement said.

(With PTI inputs)

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