Sundaram Finance

Sundaram Home Finance to expand in tier-3 towns of Western Tamil Nadu

Sundaram Home Finance Ltd on Tuesday announced plans to expand its presence in tier-III towns in western Tamil Nadu under its 'Emerging Business' (EB) segment, citing strong growth potential. The company, a wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd, currently operates over 15 branches in the region, including six under the vertical. As part of its expansion strategy, Sundaram Home Finance aims to disburse over Rs 500 crore in the next 1218 months, with Rs 50 crore targeted specifically at the EB vertical. This move follows the successful launch of its Coimbatore branch, the company stated on Tuesday. "Having established our Coimbatore branch, we are looking to expand further in the Emerging Business segment. The expansion into Pollachi is part of our strategy to penetrate deeper into smaller towns. Small entrepreneurs are thriving in the region and require working capital financing to expand their businesses," said Sundaram Home Finance managing ..

Sundaram Finance Q2FY25 results: Net profit falls to Rs 340.09 cr

Non-banking finance company Sundaram Finance Ltd has reported a profit after tax for the July-September 2024 quarter at Rs 340.09 crore, the company said on Tuesday. The city-headquartered company had registered a profit after tax of Rs 366.38 crore during the corresponding quarter of last year. For the six month period ending September 30, 2024 the profit after tax remained flat at Rs 647.74 crore as against Rs 647.66 crore registered in the year ago period. In a statement on Tuesday, the company said the team Sundaram Finance has delivered a balanced H1 FY25 despite lower than expected economic activity in the half year. "Assets under management grew by 20 per cent to Rs 48,058 crore compared to the prior year period (Rs 40,106 crore as on September 30, 2023). Net Stage 3 assets closed at 0.89 per cent and profit after tax for H1FY25 was at Rs 648 crore. Our group companies in asset management, general insurance and home finance have continued their trajectory from FY24 and recor

Sundaram Home Finance eyes Rs 450 cr disbursements in Maharashtra this year

Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved disbursements of over Rs 250 crore in the Western state last year. Sundaram Home Finance currently has six branches in Maharashtra and would offer home loans targeting the mid-segment of the market with an average ticket size of Rs 40 lakh. The company achieved disbursements of over Rs 100 crore in Pune last financial year. "Pune is turning into a vibrant home finance market and its proximity to Mumbai has led to fast paced growth in terms of infra development and the increasing presence of IT companies. This expansion in Pune follows the success of our first branch in the city," company Managing Director D Lakshminarayanan said. In February, the company expanded presence in Navi Mumbai. "We have seen a robust demand for home loa

Sundaram Finance Holdings Q4 results: Net profit rises 173% to Rs 269.32 cr

Sundaram Finance Holdings Ltd, a part of the TSF Group, has registered a 173 per cent rise in its consolidated net profits for the March 2024 quarter, at Rs 269.32 crore. The city-based company had recorded a consolidated net profit of Rs 98.62 crore during the corresponding quarter last year. For the year ending March 31, 2024, the consolidated net profits grew by 125 per cent to Rs 533 crore, from Rs 237 crore a year ago, Sundaram Finance Holdings said in a statement here on Wednesday. The Board of Directors has recommended a final dividend of Rs 2.05 per share (41 per cent) for FY23-24. This together with the interim dividends aggregated to Rs 7.70 per share (154 per cent) for FY23-24. Sundaram Finance Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbochargers, and axles. The dividend from portfolio companies forms a substantial part of the financial results. Dividend received from portfolio ..

RBI imposes penalty on Sundaram Home Finance, Belstar Microfinance

The RBI stated that Sundaram Home Finance failed to conduct periodic updates of KYC for certain customers within the prescribed time frame

Sundaram Alternates looks to raise Rs 1,000 cr from global investors

Sundaram Alternates Assets (SAA), the private equity arm of Sundaram Finance Group, plans to raise about Rs 1,000 crore from global investors to fund green real estate projects in India. "This move reflects our commitment to build on our own track record, depth of underwriting and risk management skills in the ever-evolving landscape of Indian real estate credit market," Sundaram Alternates Assets managing director Vikaas M Sachdeva told PTI here. In the past year, SAA has not only re-engineered its high-yield credit funds to generate real alpha from its performing credit business but has also adopted a robust ESG and climate impact framework as a significant investor initiative, he said. The firm is currently in the process of raising money from global investors including NRIs in the Gulf region through its Series IV real estate credit fund. "We are expecting to close the fund (Series IV real estate credit fund) at between Rs 1,000-1,200 crore to fund green real estate projects,"

Sundaram Finance's net profit for H1 FY24 up by 22% at Rs 648 crore

Sundaram Finance Ltd (SFL) on Monday announced that it has logged highest-ever disbursements of Rs 13,430 crore for H1 FY'24, 34 per cent over and above H1 FY'23. The profit after tax registered a 22 per cent rise in H1 FY'24, with net profit at Rs 648 crore. The company had registered a net profit of Rs 529 crore in H1 FY'23. The SFL's Board of Directors approved the unaudited standalone and consolidated financial results for the half year ended September 30, 2023, at its meeting held here on Monday. Disbursements for H1 FY'24 recorded a growth of 34 per cent to Rs 13,430 crore as compared to Rs 10,054 crore registered in H1 FY'23. Also, disbursements for Q2 FY'24 recorded a growth of 35 per cent to Rs 6,941 crore as compared to Rs 5,139 crore in Q2 FY'23. The assets under management grew by 25 per cent to Rs 40,106 crore as on 30 September 2023 as against Rs 31,980 crore as on 30 September 2022. Harsha Viji, Executive Vice Chairman said: "Team Sundaram has delivered a strong fir

Sundaram-Clayton picks up additional stake in Emerald Haven Realty Ltd

Auto component manufacturer Sundaram-Clayton Ltd has acquired an additional stake of 11.20 per cent in its subsidiary Emerald Haven Realty Ltd, the company said on Saturday. Emerald Haven Realty Ltd is engaged in real estate development under the brand TVS Emerald and consequent to the acquisition, the stake of Sundaram-Clayton Ltd in EHRL increased to 77.60 per cent from 66.40 per cent. In 2022-23, Emerald Haven Realty generated a turnover of Rs 22.59 crore with a loss of Rs 41.84 crore, Sundaram-Clayton said in a regulatory filing. Sundaram-Clayton said it has acquired 11.20 per cent of total shareholding amounting to 2,86,11,220 equity shares of EHRL from Srinivasan Trust, which is part of the promoter group. The cost of acquisition at which the shares were acquired was Rs 15 per share amounting to Rs 42.92 crore, the company said. EHRL presents great diversification potential which has been conceptualized by the company and hence this investment is made, Sundaram-Clayton ...

Sundaram Finance Holdings net profit surges 48% in FY23 to Rs 237 crore

On a standalone basis, 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

Sundaram Home Finance to double number of branches giving small biz loans

In October last year, the company made a foray into the small business loans segment

Sundaram Home Finance eyes disbursements of over Rs 10 cr in business loans

Sundaram Home Finance, the wholly-owned subsidiary of non-banking finance company Sundaram Finance has set a target to disburse over Rs 10 crore under the small business loans segment, a top company official said on Saturday. The city-headquartered company has stepped up presence with the inauguration of an exclusive small business loans branch in Coimbatore. The company has similar branches in Madurai, Tenkasi, Theni, Sivakasi, Tirunelveli, Salem and Rasipuram. "We have had positive feedback from the locations we have launched so far and are targeting to end this year with disbursements of over Rs 10 crore from the small business loans segment, " company MD Lakshminarayanan Duraiswamy said. Sundaram Home registered a 51 per cent jump in net profit for the third quarter ending December 31, 2022 at Rs 53 crore on disbursements of Rs 986 crore. On the inauguration of new branch in Coimbatore, he said, "We have a strong presence in the Coimbatore region for our home finance ...

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

Sundaram Finance to revise interest rate on term deposits from Jan 1

Non-banking finance company Sundaram Finance would revise interest rate on its term deposits with effect from January 1, the city-based firm said on Saturday. Accordingly, the rate on 12-month deposit would be increased to 7.20 per cent, 7.50 per cent for a tenure of 24 months and for 36 months it would be 7.50 per cent. For senior citizens, the rate of interest would be 7.70 per cent for 12-month deposits, 8 per cent for 24 and 36 months, the city-based Sundaram Finance said in a statement here. The company said its deposit base stood at Rs 4,461 crore.

Sundaram Finance looks to grow AUM beyond Rs 50,000 crore in 3 years

The Chennai-based non-banking finance company is looking to scale up SME lending share to 8-10 per cent share from present two per cent over the medium term

Sundaram Home Finance to revise interest rates on fixed deposits from Dec 1

Sundaram Home Finance would revise its interest rates on fixed deposits for trusts, individuals and senior citizens with effect from December 1, the company said on Tuesday. Accordingly, the city-headquartered firm, a wholly owned subsidiary of Sundaram Finance Ltd, would revise the rates by 50 basis points across trusts, individuals 7.15 per cent as against 6.65 per cent, senior citizens 7.50 per cent as against 7 per cent, on deposits for 12 months. The company, for senior citizens, would revise the interest rates to 7.50 per cent as against 7.35 per cent for tenures of 24 months, 7.80 per cent from 7.65 per cent (36 months) and 8 per cent from 7.90 per cent for 48 months. For Trusts, the interest rates have been increased to 7.15 per cent for 24 months earlier 7 per cent, 7.80 per cent as against 7.65 per cent for 36 months and 8 per cent for tenures of 48 months as against 7.90 per cent. The rates, for individuals other than senior citizens, have been increased to 7.15 per cent

Sundaram Finance to revise interest rates on deposits from November 16

Non-banking finance company Sundaram Finance on Saturday said the firm would revise interest rates on deposits for the general public and senior citizens with effect from November 16. For the public, the rate on one-year deposits would be 7.15 per cent against the existing 6.65 per cent; for 24 months it would be 7.15 per cent against 7 per cent; and for deposits of 36 months, it would remain unchanged at 7.30 per cent, a statement from the company said here. For senior citizens, the rate on deposits of one year would be 7.50 per cent as against 7 per cent; and for deposits up to 24 months, the rate would be 7.50 per cent against 7.35 per cent. For deposits of 36 months, the interest rates would be 7.80 per cent against 7.65 per cent, the company said. The current deposit balance as of October 31, 2022 stood at Rs 4,273 crore, the company said.

NBFC Sundaram Finance Ltd revises interest rates on term deposits

Non-banking finance company Sundaram Finance Ltd has revised the interest rates on term deposits for tenures of one to three years with immediate effect, the company said on Sunday. Accordingly, the interest rates for deposits of up to 12 months has been increased to 6.65 per cent, for 24 months it has been hiked to 7 per cent, the company said in a statement. For tenures of up to 36 months, the interest rates have been increased to 7.30 per cent. Senior citizens would get an additional interest of 0.35 per cent for one year at 7 per cent, 7.35 per cent for tenures up to two years and 7.65 per cent for tenures up to three years. The company said its deposit balance stood at Rs 4,219 crore.

Tier-II,III cities to drive growth over next 2 years: Sundaram Home Finance

'The housing market will continue to remain resilient and grow this year, flagged by a strong underlying end user demand and growth of smaller cities,'

Sundaram receives Sebi nod for purchase of Principal AMC in India

Sundaram Asset Management Company would acquire the schemes managed by Principal India and acquire 100 per cent of the share capital of Principal Asset Management Pvt Ltd

Sundaram Finance, MSME Development Institute to handhold MSMEs on marketing

Support for entrepreneurial and managerial development of MSMEs through incubators scheme focusses on providing opportunity to the innovators in developing and nurturing their new innovative ideas