Sundaram Home Finance Ltd. plans to raise ₹2,500 crore via debt and from banks this year for funding its growth plans.
The home finance subsidiary of Sundaram Finance Ltd. reported an 18% increase in net profit for Q1 FY22 at ₹40 crore. It disbursed ₹249.27 crore against ₹99.98 crore in the year-earlier period, it said.
“The second wave of COVID led to uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1,” said managing director Lakshminarayanan Duraiswamy.
“The disbursements in Q1 were driven by mid-market segments, especially the salaried class, in tier 2 and 3 towns,” he added.
“While the longer term outlook remains strong with the demand for housing expected to grow in the coming years, we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us,” remarked Mr. Duraiswamy.
