City-based non-banking finance company Sundaram Finance Ltd. (SFL) registered a 6.4% rise in its standalone net profit for the third quarter ended December 2019 to ₹167 crore.
Net income rose 14% to ₹976 crore. Assets Under Management (AUM) grew 8.5% to ₹30,502 crore. Net non-performing assets stood at 2.09%.
The board of directors have declared an interim dividend of ₹10 per share.
Difficult environment
Commenting on the results, T.T. Srinivasaraghavan, managing director, SFL said that in a difficult environment, they were able to post reasonable results by containing costs and improve market share in a majority of segments that they operated in.
He also said that the sales for automakers during the fourth quarter would be more depressing than that in the third quarter as most of them would be trying to clear their BS-IV inventories. There would not be much sales of BS-VI vehicles in the period.
For the nine-month period ended December 2019, SFL registered a 31% increase in net profit to ₹593 crore. Net income rose 19% to ₹2,900 crore.
