Sundaram Finance FY20 net profit at Rs 724 crore

Chennai

His appointment on the Board of the company will come into effect from June 3, 2020. Rajiv Lochan, who comes with two decades of diverse experience, has been on the Board as an independent director for the last few years.

The non-banking finance company registered a net profit of Rs 1,126 crores for the year ended March 31, 2019. However, the net profit of the previous year included an exceptional one-time income of Rs 522 crores on account of sale of shares in Royal Sundaram and hence the profit numbers of the two years are not comparable on a like-to-like basis. Revenue from operations for the year ended March 31, 2020 surged 16% to Rs 3,842 crores from Rs 3,321 crore registered in the corresponding period of the previous year. The gross receivables stood at Rs 35,088 crore as on March 31, 2020 compared to Rs 33,447 crore as on March 31, 2019, registering a growth of 5%.

TT Srinivasaraghavan, MD, Sundaram Finance, said “We live in a time of great uncertainty and the overall outlook for the economy is not promising. The first half of the year is likely to be muted, but a major thrust on infrastructure spending and a favourable monsoon could revive sentiments in the later part of the year.”

The company registered a net profit of Rs 130.89 crore for the quarter ended March 31, 2020. Its net profit was Rs 675 crore for the quarter ended March 31, 2019. Revenue from operations for Q4 March 31, 2020 increased 7% to Rs 942 crore against Rs 884 crore registered in the corresponding period of the previous year. The Board recommends final dividend of Rs 3 per share, a release said.