Sundaram Finance reports standalone Q2 net profit at Rs 22.23 cr

CHENNAI: Sundaram Finance Holdings (SF Holdings Ltd) has reported a standalone net profit at Rs 22.23 crore for the quarter between July to September 2022, the company said on Friday.

The city-based company had registered standalone net profit at Rs 11.09 crore during the corresponding quarter in the previous year.

For the six-month period ending September 30, 2022, the standalone profit grew to Rs 58.55 crore from Rs 16.23 crore registered in the same period of last year.

''We continue to consolidate our shareholding in core portfolio companies which primarily cater to the automotive business,'' company chairman Harsha Viji said.

Driven by the strong recovery in the automobile sector, the dividend received from the portfolio companies was at Rs 67.98 crore for the half year ending September 30, 2022 already exceeding the full year's dividend received for the financial year 2021-22 at Rs 40.90 crore.

However, there are mixed signals on whether the momentum in the automotive sector would continue into the second half of the financial year, the company said.

Sundaram Finance Holdings is engaged in the business of making investments, in automotive space co-promoted with the TVS Group. Significant investments include Sundaram-Clayton, Wheels India, IMPAL, Brakes India, and Turbo Energy, the statement said.