Sundaram Home Finance registers 24% growth in net profit in Q4 FY23, ET RealEstate

June 24, 2023

CHENNAI: Sundaram Home Finance posted a 24% growth in net profit at Rs 65.6 crore in the quarter ended March 31, 2023 over Rs 53 crore during the corresponding quarter a year ago.

The disbursements registered a 54% increase at Rs 1,222.4 crore in Q4 FY23 when compared to Rs 794 crore registered in the same quarter in FY22.

A wholly owned subsidiary of Sundaram Finance Ltd, the company recorded a 29% rise in its net profit for the year ended March 31, 2023 at Rs 215.8 crore as compared to Rs 167.7 registered in the corresponding fiscal of 2021-22. During FY23, the disbursements was at Rs 3,978 crore, an increase of 70%, when compared to FY22 at Rs 2,336 crore.

A statement on Thursday said, assets under management (AUM) stood at Rs 11,005 crore as on March 31, 2023.

Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said, “We achieved record disbursements of over Rs 500 crore in March this year. Overall, it has been a strong growth year for us driven by demand in tier 2 and 3 towns in the southern market. We also hired over 450 people in FY23.”

The home financier, which forayed into the small business loans (SBL) segment in October 2023, providing loans up to Rs 20 lakh for working capital and business expansion and had disbursements close to Rs 10 crore in this segment. “We will be doubling our exclusive branches and also hiring over a 100 people for SBL,” he said.

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 3 and 4 towns this year.”

  • Published On May 12, 2023 at 07:38 AM IST

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