Sundaram Finance Q3 net rises 20% to ₹243 cr.

Sundaram Finance Ltd’s (SFL) standalone net profit for the quarter ended December grew by 20% to ₹243 crore.

Total revenue from operations rose to ₹1,009 crore from ₹958 crore, it said in a regulatory filing.

Disbursements grew by 45% to ₹5,553 crore. The assets under management (AUM) increased to ₹33,558 crore as on December 31, 2022(₹29,796 crore as on December 31, 2021), it said in a statement.

“Our disbursements were the best during any quarter and our AUM has recorded strong growth. Our asset quality continued to improve and remains best in class,” said Harsha Viji, Executive Vice Chairman.

“Overall, it has been a year where we have decisively put the vagaries of the pandemic behind us and accelerated our growth with quality and profitability,” he said.

The total restructured assets under Covid relief measures were ₹765 crore, about 2.3% of loan outstanding as on December 2022.

The gross and net non-performing assets declined to 3.97% and 2.78% respectively from 7.71% and 6.17% as on December 31, 2021. The company Capital Adequacy Ratio stood at 23.3%.

The board declared an interim dividend of ₹12 per share.

“Looking ahead, as inflation eases and government capital expenditure crowds in private investment, we expect growth in the economy to pick up,” said Rajiv C Lochan, MD.