Sundaram Finance Q2 net up 23%

The company reported net profits at Rs 90.73 crore in the same period last year

Non-banking finance company Sundaram Finance has reported a 22.8% jump in net profits at Rs 111.49 crore for the second quarter ended September 30.

The Chennai-based company reported net profits at Rs 90.73 crore in the same period last year, Sundaram Finance said in statement.

Total disbursements for the second quarter ended September 30 was Rs 2,454 crore against Rs 2,271 crore registered during the same period of last year.

Net profits for the half year period ended September 30, 2012 grew by 24.2% to Rs 206.30 crore from Rs 166.09 crore registered during the corresponding period of last year.

Total disbursements for the half year period ended September 30, 2012 went up to Rs 4,867 crore from Rs 4,115 crore registered during the same period of last year.

Gross NPA was at 0.78% while net NPA was 0.19% for the half year period ended September 30, 2012, it said.

Income from operations for the second quarter stood at Rs 506.28 crore as against Rs 400.82 crore registered in the year-ago period.

The company said in commemoration with the centenary celebrations of its late founder T S Santhanam, the Board has recommended issue of bonus shares of 1:1, subject to the approval of shareholders