Sundaram Fin Net Up 11% To Rs 76.5 Crore

Sundaram Finance has logged an 11.5 per cent higher net profit of Rs 76.59 crore in the year ended March 31, 1998, against Rs 68.67 crore posted in the previous fiscal.

Gross income for the year under review was Rs 458.45 crore (Rs 420.07 crore), while profit before making provisions for bad debts and non-performing assets is Rs 196.45 crore (Rs 156.99 crore).

The company has declared a 55 per cent dividend, up from 45 per cent last year. For Sundaram Finance, PAT has grown at a compounded annual rate of 15 per cent in the past three years. Own funds of the company stand at Rs 347.17 crore (Rs 285.10 crore), an increase of 26.5 per cent annual compounded growth over the last three years.

Talking to newspersons in Chennai yesterday, the managing director of the company, G K Raman, said the shift in business is mainly to offset the sluggishness in the heavy commercial vehicle segment.

"And, should there be any improvement in business prospects, we will be there," he said.