Sundaram Home Finance FY24 net up 10% at Rs 236 cr

CHENNAI: Sundaram Home Finance has registered a 10 per cent rise in its net profit for the year ended 31st March 2024 at Rs 236 crore as compared to Rs 215 crore registered in the previous year ended 31 st March 2023.

During the year, the company crossed Rs 5,000 crore in disbursements and ended the year with disbursal of Rs 5,039 crore registering an increase of 27 per cent over the previous year. It had registered disbursements of Rs 3,978 crore in the previous year ended March 31, 2023.

The assets under management saw a surge of 24 per cent and stood at Rs 13,812 crore as on March 31,2024 against Rs 11,180 crore as on March 31, 2023. The company’s deposit based stood at Rs 2,172 cr (Rs 1,956 cr) as on March 31,2024. Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said, “It has been a good year for the real estate segment with consistent

demand from home buyers. Driven by our growing new branch network, penetration into smaller towns, strong growth momentum in the Tier 2 and 3 towns in the South and solid contribution from the MP and Rajasthan region, we were able to achieve a significant milestone of Rs 5,000 crore in disbursements in FY24.” For the fourth quarter ended March 31, 2024, the company registered net profit of Rs 57crore as compared to Rs 65crore registered in the corresponding quarter of the previous year. The disbursements for q4 ended March 31, 2024 went up 20 per cent to Rs 1,469 crore as compared to Rs 1,222 crore registered in the Q4 ended March 31, 2023.

Last year, Sundaram Home Finance continued to expand and strengthen its branch expansion in remote locations and opened over 20 new branches including in Rajapalayam, Dharapuram, Marthandam and Tiruppur in TN, Kamareddy, Sangareddy, Sathupalli and Kompally in Telangana and Jodhpur and Ajmer in Rajasthan. Now, it has 150 branches across the country. As part of its expansion, it hired over 400 people in FY24.