Sundaram Home Finance Q3 net up 18% at Rs 62 crore
Assets under Management stood at Rs 12,800 crore as on December 31, 2023 as compared to Rs 10,500 crore as on December 31, 2022.
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CHENNAI: Sundaram Home Finance, the wholly-owned subsidiary of Sundaram Finance, has registered a 18% rise in its net profit for Q3 ended December 31, 2023 at Rs 62.28 crore as compared to Rs 52.57crore registered in the corresponding quarter of the previous year.
Assets under Management stood at Rs 12,800 crore as on December 31, 2023 as compared to Rs 10,500 crore as on December 31, 2022.
The company hired over 500 people in the first nine months of the year.
Sundaram Home Finance, which forayed into the Small Business Loans (SBL) segment in October 2022, has registered good growth in the first 15 months. It has opened 30 exclusive SBL branches and recorded disbursements of over Rs 90 crore during this period.
In December, the company made a foray into the North TN market by opening an exclusive SBL branch in Kanchipuram and is looking to expand further in the region by opening branches in Tirupattur, Arani and Ambur. As part of its SBL expansion, the company is looking to open another 20 branches in TN and Telangana in the near term.
The company is currently in the process of foraying into the affordable housing segment and plans to open up 10 branches in TN and hire up to 75 people initially.
Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance, said,
“Tier 2 and 3 towns in the southern market remained strong in the first nine months of the year and continued to drive our disbursements growth. We opened over 20 branches in the smaller towns in the first nine months and will continue to expand in these geographies, going forward.”