Sundaram Finance Q1 Net jumps 22.3 pc to Rs 115.99 crore

Non-banking finance company Sundaram Finance has reported a 22.3-percent increase in net  profit for the first quarter ended June 30 to Rs 115.99 crore. The Chennai-headquartered company had reported a net profit at Rs 94.81 crore in the corresponding period of the previous year, Sundaram Finance said in a statement.

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Total loans disbursed during the quarter rose 14.7-percent to Rs 2,799 crore, from Rs 2,440 crore disbursed during the same period of the previous year. The company had registered gross NPA of 1.53 percent and net NPA at 0.92 percent for the first quarter ending June 30, it said.
The deposit base during the first quarter ending June 30 stood at Rs 1,540 crore, it said. "The overall outlook remains uncertain. While our focus on the medium and heavy commercial vehicle segment continues, we will look to expand our presence in newer segments such as LCVs and tractors,"  Sundaram Finance MD, TT  Srinivasaraghavan said.
"As always, the emphasis is on growth with quality and profitability", he added. Shares of the company ended at Rs 518.05 apiece, up by 0.52 percent over the previous close at BSE.