Sundaram HF Q3 net up 51% at Rs 53 cr

CHENNAI: Sundaram Home Finance has registered a 51% rise in its Q3 net profit at Rs 52.56 crore against Rs 34.90 crore registered in the Q3 ended December 31, 2021.

The company’s disbursements for the Q3 ended December 31, 2022 also surged 51% to Rs 985.90 crore as compared Rs 651.84 crore registered in the Q3 ended 31 st December 2021.

During the Q3 of the year, the company made a foray into the small business loans segment wherein it would be providing loans of up to Rs 20 lakh to small shops and small business enterprises.

The company has far opened new exclusive branches in Madurai, Tenkasi, Theni, Salem, Rasipuram, Tirunelveli and Sivakasi.

For the nine months ended December 31, 2022, net profit went up 31% to Rs 150.13 crore against Rs 114.63 crore registered in the corresponding nine months of the previous year.

Disbursements for the nine months ended December 31, 2022 went up 79% to Rs 2759.64 crore as compared to Rs 1542.42 crore reported in the nine months ended December 31, 2021.

Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said, “The residential real estate sales is on a multi-year high. We continued on the positive growth trajectory in the Q3 driven by disbursements in Tier 2 and 3 towns.”