Sundaram Home Finance reports net profit of Rs 52.56 crore in Q3

Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance, has reported a net profit of Rs 52.56 crore for the October-December 2022 quarter, the company said on Thursday.

The city-based firm made a net profit at Rs 34.90 crore during the corresponding quarter last year. Disbursements grew to Rs 985.90 crore from Rs 651.84 crore.

For the nine-month period ending December 31, 2022, the net profit grew to Rs 150.13 crore compared to Rs 114.63 crore registered in the same period last year. Disbursements soared to Rs 2,759.64 crore from Rs 1,542.42 crore.

The company, during the quarter under review, made foray in the small business loans segment wherein it would provide loans of up to Rs 20 lakh to small shops and small business enterprises.

It has opened new exclusive branches in Madurai, Tenkasi, Theni, Salem, Rasipuram, Tirunelveli and Sivakasi, the company said.

"The initial response from the locations where we have opened exclusive branches has been quite positive. We are confident of the growth prospects in this segment and will continue to expand our presence in this segment in Q4," company MD Lakshminarayanan Duraiswamy said.

On the financial performance, he said, the residential real estate sales are on a multi-year high. "We continued on the positive growth trajectory in the third quarter driven by disbursements in tier-II and -III towns. The outlook is positive and the long-term growth story remains intact," he said.