Sundaram Finance Q1 net up 6 percent at Rs 166 cr

Sundaram Finance has seen a 6% rise in its net profit for the quarter ended June 30, 2020 at Rs 166 cr as against Rs157 cr registered in the corresponding period last year.

Revenue from operations for the non-banking finance company rose to Rs 948 cr for the quarter ended June 30, 2020 from Rs 930 cr registered in the quarter ended June 30, 2019.

Assets under Management stood at Rs 29,580 cr as on June 30, 2020 as compared to Rs 29977 cr as on June 30, 2019.

The deposit base crossed Rs 3,700 cr during the quarter ended June 30, 2020. On growth opportunities in the current scenario, TT Srinivasaraghavan, MD, Sundaram Finance, said, “With the monsoon tracking well, the rural economy holds promise. Passenger car sales are beginning to look up and the oncoming festive season could prove a shot in the arm for auto manufacturers.”