Sundaram Finance Ltd (SFL) standalone net profit for the second quarter ended September rose by 44% to ₹304 crore from the year-earlier period.
Total revenue from operations grew by almost 3% to ₹1,048.31 crore crore while disbursements rose 42% to ₹5,139 crore, the company said in a statement.
“Economic activity remained robust through Q2. We delivered strong growth, continuing the momentum from Q1, to gain and extend our market share across most asset classes,” said Harsha Viji, Executive Vice Chairman.
“Our asset quality continued to improve and remained best-in-class while profitability improved creating sufficient ammunition for continuing our growth trajectory,” he said.
For the six months period, the assets under management grew by 7.3% to ₹31,980 crore. The total restructured assets under Covid relief measures enabled by RBI were at ₹927 crore, about 2.9% of loan outstanding.
Gross stage 3 assets stood at 2.54% with provision cover of 47% against 3.45% with provision cover of 39%. Net stage 3 declined to 1.37% from 2.12%. Capital Adequacy Ratio stood at 24.3%.
“The external environment is likely to witness some softening in the second half as the RBI’s withdrawal of pandemic accommodation gains traction and global geopolitical and monetary policy shifts continue to unfold,” said Rajiv Lochan, MD.
