Sundaram Finance June qtr net up 30% to Rs 117 cr, revenue rises 11%

Disbursement up 6% to Rs 3,420 cr on strong performance in cars, tractors and construction equipment

Non-banking finance company Sundaram Finance Ltd, has registered a 30 per cent growth in net profit at Rs 117.34 crore during the quarter ended June 30, 2017, as compared to Rs 90.17 crore during the same quarter of previous fiscal year. The total revenue grew to Rs 621.78 crore during the quarter as against Rs 561.59 crore during the same quarter of last year.

Disbursement grew six per cent to Rs 3,420 crore during the quarter owing to the strong performance in cars, tractors and construction equipment segments. Asset quality remained strong with NPAs coming down,said TT Srinivasaraghavan, MD, Sundaram Finance.

The Assets Under Management (AUM) grew 16 per cent to Rs 24,331 crore as on June 30, 2017 as compared with Rs 21,007 crore in the corresponding quarter of last year. Gross NPAs stood at two per cent during the quarter compared to 2.15 per cent in same quarter last year. The net NPA saw a marginal decline to 0.93 per cent from one per cent a year ago.