Non-Banking Finance Company Sundaram Finance has reported a 11.1 per cent jump in its fourth quarter net profit at Rs 100 crore.
The Chennai-based company had reported a net profit of Rs 90 crore during the corresponding period of the previous year.
For the financial year ended March 31, 2014, net profit grew by 8 per cent to Rs 443 crore, compared to Rs 410 crore in the same period of the previous year, Sundaram Finance said in a statement.
Disbursements for the year ended Mar 31, 2014, stood at Rs 9,719 crore as against Rs 9,991 crore registered during the corresponding period of the previous year, it said.
Deposits as on Mar 31, 2014, stood at Rs 1,666 crore, it said.
Gross NPAs for the entire fiscal stood at 1.23 per cent, while net NPA was 0.45 per cent, it said.
"This was perhaps the most challenging year for the commercial vehicle industry since the slowdown we witnessed in 1997-98, with sales of medium and heavy commercial vehicles plummeting 25 per cent or more in two successive years," Sundaram Finance Managing Director T T Srinivasaraghavan said.
"With dwindling freight offerings and spiralling operating costs, transport operators have been experiencing severe cash flow strains. Viewed against this backdrop, the company has been able to maintain a tightest on its asset quality," he said.
"The CV industry has seen a big beating. Despite this, our performance has been satisfactory. We have increased market share in all segments that we are in. CV contributed 55 per cent, car finance 35 per cent, tractors and construction equipment 10 per cent," he said.
He said the company has widened its offerings to include tractors and construction equipment from being in commercial vehicle and car finance.
"We have diversified our portfolio. We will explore opportunities in assets types as well as in geographies. We will look to strengthen our presence outside south India. ICV segment could be an opportunity for us and the tractor segment is likely to keep growing in coming years," he said.
