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Sundaram Finance: Embrace the Proven Path to Steady Growth

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TLDR:

– Non-banking finance company Sundaram Finance reported a profit after tax of INR 300 crore for the October-December 2023 quarter, compared to INR 243 crore in the same period last year.
– The company’s profit after tax for the nine-month period ending December 31, 2023, was INR 948 crore, up from INR 772 crore in the same period last year.
– Sundaram Finance’s disbursements in the quarter grew to INR 6,524 crore, compared to INR 5,653 crore in the same period last year.
– The company’s total disbursements for the nine-month period ending December 31, 2023, grew to INR 19,954 crore, up from INR 15,707 crore a year ago.
– The company’s board of directors has declared an interim dividend of INR 14 per share (140 percent).
– Sundaram Finance’s managing director, Rajiv Lochan, stated that the company will continue to focus on extending its market share and delivering a positive customer experience.

City-based non-banking finance company Sundaram Finance reported a profit after tax of INR 300 crore for the October-December 2023 quarter, compared to INR 243 crore in the same period last year. The company’s profit after tax for the nine-month period ending December 31, 2023, stood at INR 948 crore, up from INR 772 crore in the same period last year. Commenting on the financial performance, Harsha Viji, the executive vice chairman of Sundaram Finance, said that the company has delivered a strong nine months and Q3 of FY24 despite lower-than-expected economic activity in the quarter. The company’s group companies in asset management, general insurance, and home finance have recorded strong results and it plans to continue relying on its time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability.

During the quarter under review, Sundaram Finance’s disbursements grew to INR 6,524 crore, compared to INR 5,653 crore in the same period last year. The company’s total disbursements for the nine-month period ending December 31, 2023, grew to INR 19,954 crore, up from INR 15,707 crore a year ago. The company’s board of directors has declared an interim dividend of INR 14 per share (140 percent).

Sundaram Finance’s managing director, Rajiv Lochan, stated that the company is off to an auspicious start for Q4, but prospects will be influenced by the upcoming general elections in April-May and related events. He also mentioned that the company will continue to focus on extending its market share across all asset classes and geographies it operates in and on delivering a positive customer experience.

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