Sundaram Home Finance Ltd (SHFL) has registered a 27% rise in its standalone net profit for the second quarter ended September at ₹50 crore over the year-ago period due to a buoyancy in housing market.
During the quarter, disbursements rose 18% to ₹940 crore, while Assets Under Management stood at ₹10,176 crore against ₹9,134 crore, the wholly owned subsidiary of Sundaram Finance said in a statement.
“We registered record disbursements in the first half of over ₹1,700 crore driven by continued growth in Tier-II and tier-III towns and the strong appetite for home ownership,” said Lakshminarayanan Duraiswamy, MD.
According to him, the continued momentum from the previous quarters helped SHFL to sustain disbursements at higher levels this quarter.
On the outlook, he said, “We believe that the housing market will continue to remain buoyant in the second half primarily on the back of end-user demand. There is potential to expand in Tier 2 and 3 towns in the South and we plan to open 10 new branches by March.”
The company will also be hiring about 75 people in the second half to strengthen its strong customer presence and service delivery across the south market, he said.