Sundaram Home Finance reported a 24% jump in its net profit to Rs 65.68 crore for the quarter ended March, compared with Rs 53.05 crore in the year-ago period. Disbursements rose 54% to Rs 1, 222.46 crore, compared with Rs 794.08 crore.
For FY23, the net profit rose 29% to Rs 215.81 crore, against Rs 167.70 crore. Disbursements grew 70% to Rs 3,978.41 crore, compared with Rs 2,336.49 crore. Assets under management stood at Rs 11,005 crore, compared with Rs 9,281 crore.
Lakshminarayanan Duraiswamy, MD, said: “We achieved record disbursements of over Rs 500 crore in March. The year was also marked by our asset portfolio crossing a significant milestone of Rs 11,000 crore. We hired over 450 people in FY23. Overall, it has been a strong growth year for us, driven by demand in tier II and III towns in the southern market.”
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During the year, the company made a foray into the small business loans segment wherein it is providing loans of up to Rs 20 lakh for working capital and business expansion. The company has opened 10 branches in the first six months of the foray and has plans to open at least another 10 in the first half of this year. The company achieved disbursements of close to Rs 10 crore in this segment in the first six months.
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Lakshminarayanan said, “It has been a solid start to the small business loans segment and our plans are on track. We are getting strong positive feedback from small entrepreneurs and traders. Buoyed by this, we have chalked out further expansion in this segment during the first half of this year, wherein we will be doubling our exclusive branches and also hiring over a 100 people for this segment.”
On the overall outlook, Lakshiminarayanan said, “The demand in the real estate sector continues to be positive. We are confident of continuing our growth trajectory in FY24. Our growth will continue to be driven by expansion in tier III and IV towns this year.”
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