Sundaram Finance has announced a 10 per cent rise in its net profit at Rs. 122.72 crore for the second quarter ended September 30, 2013, against Rs. 111.49 crore in the corresponding period of the previous year. Total income has risen to Rs. 558.31 crore from Rs. 504.44 crore in the year-ago period. Net earnings work out to Rs. 11.05 per share against Rs. 10.04.
The net profit for the six months ended September 30, 2013 has risen 15.7 per cent to Rs. 239 crore from Rs. 206 crore recorded in the same period last year. Reflecting the slowdown in the automobile sector, loan disbursements for half-year ended September 30, 2013 registered a modest increase of 6 per cent to Rs.5,178 crore from Rs. 4,867 crore.Sundaram Finance had started adopting (ahead of regulatory requirement) stricter provisioning norms from 2012-13, whereby instalments that were overdue for 120 days and above were provisioned as against the current regulatory requirement of 180 days and above.
The gross NPA and the net NPA as on September 30, 2013 stood at 1.58 per cent and 0.94 per cent, respectively.
T.T. Srinivasaraghavan, Managing Director, Sundaram Finance, said in a release that , “Market conditions continue to be challenging with the sales of commercial vehicles and passenger cars having fallen sharply and prospects of an early revival appearing unlikely. We will continue to focus on our stated objectives of growth with quality and profitability.”
Shriram City Union
Shriram City Union Finance has announced that its net profit after tax grew 17.9 per cent to Rs. 127.20 crore in the second quarter of 2013-14 as compared to Rs. 107.92 crore in the same period in the previous year. Total income stood at Rs. 798.64 crore, up 5.2 per cent as compared to Rs. 759.51 crore in the year-ago period. The net interest margin for the quarter was11.59 per cent as compared to 10.49 per cent.
G S Sundararajan, Managing Director, said in a release that the company had registered healthy growth in the focus segments — small enterprises finance and two wheeler at 43 per cent and 32 per cent year on year growth respectively in assets under management.
Gross spread under AUM stood higher at 11.59 per cent as on September 30, 2013, as compared to 10.49 per cent on September 30, 2012.
EID Parry (India), one of the largest manufacturers of sugar, reported a standalone turnover of Rs. 453.87 crore in the second quarter ended September 30, 2013, against Rs. 502.66 crore in the same period in the previous year.
The net profit before exceptional item and tax was Rs. 25.25 crore (Rs. 69.07 crore).
The current year figures include the figures of the merged units of Parrys Sugar Industries, namely Haliyal and Sankili.