Sundaram Finance clocks 25.9% rise in standalone Q1 net

: Non-Banking Finance Company Sundaram Finance has recorded a 25.9 per cent rise in its standalone net profits for the quarter ending June.

The city-based company clocked net profits at Rs 140.72 crore for the quarter under review as against Rs 111.74 crore registered in the corresponding period of last year.

The standalone total revenue for April-June 30, 2018 grew to Rs 767.03 crore from Rs 620.27 crore registered year ago.

The disbursements for the June quarter grew by 19 per cent to Rs 4,062 crore from Rs 3,420 crore registered during the same period of last fiscal.

The Assets Under Management (AUM) as on June 30, 2018 rose to Rs 25,740 crore from Rs 21,360 crore clocked during the year ago period.

Recently, Sundaram Finance had increased the interest rates on fixed deposits by 50 basis points. The company has a deposit base of over Rs 2,500 crore.

Following the deluge in neighbouring Kerala, the Sundaram Finance Group contributed Rs one crore to the Chief Minister's Distress Relief Fund to support flood relief.