Sundaram Finance reports 7% drop in Q1 pre-tax profit to Rs 219 crore

Sundaram Finance Ltd has reported a seven per cent drop in PBT to Rs 219 crore during the quarter ended June 2020, from Rs 236 crore during the same period last year.

Revenue from operations rose to Rs 948 crore during the quarter ended June 2020, from Rs 930 crore a year ago.

Assets under Management stood at Rs 29,580 crore as on June 30, 2020 as compared to Rs 29,977 crore as on June 30, 2019.

The deposit base crossed Rs 3,700 crore during the quarter ended June 2020.

TT Srinivasaraghavan, MD, Sundaram Finance Ltd., said, “With the monsoon tracking well, the rural economy holds promise. Passenger car sales are beginning to look up and the oncoming festive season could prove a shot in the arm for auto manufacturers.”

He added that the government’s investment in the infrastructure sector could provide a boost to the construction equipment segment.