Sundaram Finance's net profit doubled

Total income during the previous year grew by 37 per cent to Rs 924.12 crore from Rs 671.88 crore reported a year ago.

Disbursements increased by 16 per cent to Rs 5,109 crore in during 2007-08 were from Rs 4,386 crore a year ago.

For Sundaram Finance, nearly 60 per cent of its disbursement is in the commercial vehicle segment; 26 per cent in car; 10 per cent in construction equipment and the balance in other sectors.

The company's board recommended a 1:1 bonus issue, and a final dividend of 50 per cent for the year ended March 2008, The final dividend, along with the interim dividend of 100 per cent takes the total dividend for the year to 150 per cent.

T T Srinivasaraghavan, managing director, Sundaram Finance said while medium and heavy commercial vehicle finance industry reported a negative growth, Sundaram Finance had a two per cent growth in this segment to 16,975 units during the year. Similarly, the company had a 14 per cent growth in the light commercial vehicles to 11,700 units, compared to a 12 per cent growth in industry segment, he said.

Sundaram Finance's insurance company Royal Sundaram Alliance registered a 16 per cent growth in gross written premium. The company had underwritten a new business premium of Rs 695 crore.