 "Sundaram Finance Holdings net profit surges 48% in FY23 to Rs 237 crore")
Sundaram Finance Holdings Ltd registered a 47.83 per cent rise in consolidated net profit for the year ended March 2023 to Rs 237.55 crore, as compared to Rs 160.69 crore registered in the corresponding period of the last financial year.
On a standalone basis, the net profit of Rs 94.75 crore for the year ended March 2023 was seen up 101 per cent over the Rs 46.91 crore for the corresponding period of the previous year.
SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbo chargers, axles, and distribution of spare parts. As a result, dividend from portfolio companies forms a substantial part of the financial results. Dividend received from portfolio companies was at Rs 97.44 crore for the year ended March 2023, as against the total dividend of Rs 40.90 crore received during the financial year 2021-22.
The board of directors have recommended a final dividend of Rs 1.50 per share and a Special Dividend of Rs 1 per share. This together with a special dividend of Rs 1.50 per share paid during February 2023, aggregates to a total dividend of Rs 4 per share for FY 22-23, as compared to a dividend of Rs 2.75 per share for FY 21-22.