Sundaram Home Finance, the wholly-owned subsidiary of Sundaram Finance Ltd, has set a target of garnering 20 per cent growth in Andhra Pradesh and Telangana, a top official has said.
The Chennai-headquartered company has strengthened its presence by opening a new office in Begumpet, Hyderabad, taking the total to six branches.
The decision to step up presence comes in the backdrop of the company's plan to focus on Tier-II and III cities as a lot of growth was contributed from remote towns.
"We believe there is a lot of potential for our home finance business in Andhra Pradesh and Telangana. The state's infrastructure is boosting real estate growth. We expect this expansion to strengthen our overall presence in the state capital," Sundaram Home Finance MD Lakshminarayanan Duraiswamy said in a statement on the expansion drive.
"Telangana registered disbursements of over Rs 400 crore last year and we expect a growth of 20 percent this year from this region," he added.
Early this month, Sundaram Home Finance announced its plan to enter the affordable housing segment and said it would be opening 10 branches besides recruiting 50-75 people by March 2024.
For the quarter that ended June 30, 2023, Sundaram Home Finance reported a net profit of Rs 57 crore on disbursements of Rs 1,104 crore, the statement added.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
