CHENNAI: Sundaram Finance on Monday posted 20.8% growth in profit after tax (PAT) at Rs 366 crore in the quarter ended September 30, 2023 against Rs 303 crore in the year ago quarter.
On a sequential basis, the NBFC recorded a 30.2% rise when compared with Q1 FY24 at Rs 281 crore.
A statement here said disbursements during H1 (April-September) FY24 had 34% growth at Rs 13,430 crore, which was at Rs 10,054 crore in H1 of previous year.
Disbursements for Q2 FY24 recorded 35% growth at Rs 6,941 crore when compared with the corresponding quarter last year at Rs 5,139 crore.
The gross and net NPAs, as per RBI’s new asset classification norms for NBFCs, were 2.89% and 2.06% respectively as against 4.29% and 2.97% as of September 30, 2022, it added.
The assets under management (AUM) stood at Rs 40,106 crore as on September 30, 2023.
Rajiv Lochan, managing director, Sundaram Finance, said, “The first half of FY24 has seen tremendous performance, and we have struck a terrific balance between growth, asset quality and profitability. Prospects for the second half are promising but geopolitical uncertainty, global macro volatility and implications of domestic challenges of continued inflation, inconsistent monsoon and upcoming elections remain key monitorables.”
