Harsha Viji
| Photo Credit: BIJOY GHOSH
Sundaram Finance Ltd., reported standalone net profit for the fourth-quarter ended March grew 6% year-on-year to ₹316 crore on improving asset quality and tight cost control.
Disbursements grew by 40% to ₹5,259 crore. Revenue from operations increased by 12% to ₹1,035 crore. Assets under management rose 17% to ₹34,552 crore, it said in a statement.
The total restructured assets under COVID-19 relief measures were ₹628 crore, about 1.8% of loan outstanding as on March 31, 2023.
The gross and net NPA were 3% and 2.10% respectively as on March 31, 2023 against 2.42% and 1.26% (based on old norms) as on March 31, 2022. Capital Adequacy Ratio stood at 22.8%.
The board declared a final dividend of ₹15 per share.
“We have re-established our pre-COVID growth trajectory in FY23 while improving asset quality to our traditional standards,” said executive vice-chairman Harsha Viji.
“Our group companies in asset management, general insurance and home finance continued to perform strongly. As we look ahead, we remain steadfast in executing our balanced & time-tested approach of measured growth with best-in-class asset quality and consistent profitability,” he said.
“Looking ahead, as inflation eases and economic activity continues to gather pace, global factors notwithstanding, we expect growth in the economy to sustain,” said MD Rajiv Lochan.
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