Sundaram Finance clocks Q2 PAT at Rs 340.09 crore

Non-banking concern institution Sundaram Finance Ltd has reported a nett aft taxation for the July-September 2024 4th astatine Rs 340.09 crore, the institution said connected Tuesday.

The city-headquartered institution had registered a nett aft taxation of Rs 366.38 crore during the corresponding 4th of past year. For the six period play ending September 30, 2024 the nett aft taxation remained level astatine Rs 647.74 crore arsenic against Rs 647.66 crore registered successful the twelvemonth agone period.

In a connection connected Tuesday, the institution said the squad Sundaram Finance has delivered a balanced H1 FY25 contempt little than expected economical enactment successful the fractional year.

"Assets nether absorption grew by 20 per cent to Rs 48,058 crore compared to the anterior twelvemonth play (Rs 40,106 crore arsenic connected September 30, 2023). Net Stage 3 assets closed astatine 0.89 per cent and nett aft taxation for H1FY25 was astatine Rs 648 crore.

Our radical companies successful plus management, wide security and location concern person continued their trajectory from FY24 and recorded beardown results," Executive Vice Chairman Harsha Viji said.

Total gross during the 4th nether reappraisal stood astatine Rs 1,612.10 crore from Rs 1,378.11 crore registered successful the corresponding play of past year. For the fractional twelvemonth ending September 30, 2024, the standalone full income went up to Rs 3,088.38 crore from Rs 2,572.22 crore registered a twelvemonth ago.

"We proceed to trust connected our time-tested attack of dependable and sustainable maturation with champion successful people plus prime and accordant profitability," Viji said connected the fiscal show for the play ending September 30, 2024.

During the fractional twelvemonth play ending September 30, 2024, the nett aft taxation was level Rs 647.74 crore chiefly owed to a displacement successful the timing of dividend income past year. Dividend income during the six period play ending September 30, 2024 was Rs 43 crore arsenic compared to Rs 181 crore registered successful the twelvemonth agone period.

On the outlook for the year, Sundaram Finance Ltd Managing Director Rajiv Lochan said, "We stay cautiously optimistic of a betterment successful economical enactment successful H2 (Second fractional of the twelvemonth ending September 30, 2024) arsenic home depletion and backstage assemblage superior expenditure resume and the cardinal government's infrastructure walk and argumentation docket stitchery pace."