Sundaram Finance Ltd. reported standalone net profit for the June quarter rose 25% to ₹281 crore over the year earlier period.
Revenue from operations grew by 27% to ₹1,187 crore, the non-banking finance company said in a statement.
Disbursements increased by 32% to ₹6,489 crore with all asset classes and geographies witnessing significant growth.
The gross and net non-performing assets are 2.96% and 2% respectively against 2.66% and 1.41% (based on old norms).
The assets under management increased to ₹37,255 crore against ₹30,552 crore.
“With the improvement in economic activity and the viability of our customers, Gross stage 3 assets improved substantially over the corresponding period of last year driven by our focused collection efforts and deep customer relationships,” the company said.
“Our group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results. Overall, our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability remains our primary focus,” said Executive Vice-Chairman Harsha Viji.
“The year is off to a strong start powered by our people, processes and technology, and we have struck a good balance between growth, asset quality and profitability. We remain focused on extending our market share across all asset classes and geographies we operate in,” he said.
Managing Director Rajiv C. Lochan said that they expect economic activity to gather steam going into the festival season and ‘Team Sundaram’ is geared up to sustain the momentum from FY23 and Q1FY24.