Sundaram HF eyes Rs 225 cr disbursements in MP
The city-based company has steadily been increasing its presence outside the south as it expanded in Maharashtra last month followed by Rajasthan in April this year. Last year, it had disbursed Rs 150 crore in Madhya Pradesh.
SHF MD Lakshminarayanan D
CHENNAI: By opening a second branch in Indore, Sundaram Home Finance (HF) has strengthened its presence in Madhya Pradesh, where it aspires to disburse Rs 225 crore this year.
The city-based company has steadily been increasing its presence outside the south as it expanded in Maharashtra last month followed by Rajasthan in April this year. Last year, it had disbursed Rs 150 crore in Madhya Pradesh.
The wholly-owned subsidiary of Sundaram Finance has a branch in Bhopal too. "MP is a key market for our expansion outside south India. Increasing affordability, residential properties ranging from small homes to villas and increasing demand for plots provide plenty of opportunities to grow our presence in the home finance segment in this state," said D Lakshminarayanan, MD, Sundaram HF.
"We are also seeing an increasing presence of micro, small and medium enterprises and that provides us with opportunities to provide working capital funding," he said on Tuesday.
"Indore has surpassed our expectations in terms of growth and opportunities that have sprung up over the last 2-3 years. The current expansion in Indore is to cater to the growing market needs," Lakshminarayanan said.
Noting that the realty landscape in this region is poised for sustained growth, he said, apart from providing opportunities for investors and home buyers, as the commercial sector booms, so will the city's real estate business too.
Sundaram HF has also drawn up plans to open new branches in three new locations in that MP over the next 12-18 months.
It registered a net profit of Rs 66 crore for the April-June 2024 quarter with disbursements of Rs 1,353 crore during the period.
