Chennai, City-based Sundaram Finance Ltd (SFL) on Friday announced that its net profit for Q1 FY’24 has gone up by 25 per cent to Rs 281 crore, while disbursements grew by 32 per cent over the corresponding period last year.
The Board of Directors of SFL approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2023 at its meeting held here on Friday, a company release said.
“The first quarter of FY24 has been satisfying. Assets under management grew by 22 per cent, net stage 3 assets closed at 1 per cent and profit after tax recorded a 25 per cent growth to Rs 281 crore over the prior year period,” it said.
The company had registered a net profit of Rs 226 crore during the same period last year. The release said the group companies in asset management, general insurance and home finance have continued their growth trajectory from FY23 and recorded strong results.
“Overall, our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability remains our primary focus,” Executive Vice Chairman Harsha Viji said. Disbursements (Rs 6,489 crore) for Q1FY24 recorded a growth of 32 per cent over Q1FY23 with all asset classes and geographies witnessing significant growth, it added.
