Sundaram Home Finance posts Rs 44 crore net in Q2

CHENNAI: Sundaram Home Finance has registered a net profit of Rs 44 crore for the Q2 ended September 30, 2024 as compared to Rs 59 crore registered in the corresponding quarter of the previous year.

Disbursements for Q2 ended September 30, 2024 went up 27 per cent to Rs 1,543 crore as compared to Rs 1,214 crores registered in the same period the previous year.

AUM stood at Rs 13,888 crore as on September 30, 2024 as compared to Rs 12,182 crore as on September 30, 2023, registering a 14 per cent increase.

During the second quarter, Sundaram Home Finance further expanded its presence outside south with new branches in Pune and Indore, strengthening its already existing presence in the two states. It also expanded its presence in tier 2 market in the south with a new branch in Belgaum in Karnataka.

The newly-launched emerging business segment comprising small business loans and financing to the affordable housing market registered disbursements of Rs 42 crore in the Q2 ended September 30, 2024.As part of its expansion plans, Sundaram Home Finance hired over 300 people during the H1 of the year. D Lakshminarayanan, MD, Sundaram Home Finance said, “Our strong disbursements growth was driven by our continued expansion in tier 2 and 3 towns, both in the South as well as beyond. The emerging business segment too did well for us during the Q2.”

On the outlook, Lakshminarayanan said, “We are confident of continuing the growth trajectory in the second half of the year, driven by multiple factors including affordability, economic growth of smaller towns and opening of new branches beyond the Southern market. We are also hopeful of expanding our presence in the newly-launched emerging business segment and establishing a solid base in the affordable housing financing.”