Sundaram Finance Reports Strong Q3 FY24 Results, Focus on Sustainable Growth

Chennai, Feb 6 (PTI) Sundaram-Finance Ltd would continue to rely on its time-tested approach of 'steady and sustainable growth' with best-in-class asset quality, a top official has said.

The city-based non-banking finance company reported a profit after tax for the October-December 2023 quarter at Rs 300 crore, as compared to Rs 243 crore registered in the same period last year.

The profit after tax for the nine-month period ended December 31, 2023, stood at Rs 948 crore, as compared to Rs 772 crore registered in the same period last year.

Commenting on the financial performance, company Executive Vice Chairman Harsha Viji said, "Team Sundaram has delivered a strong nine months and Q3 of FY24 despite lower-than expected economic activity in the quarter. Our group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results."

"We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability," Viji added.

Disbursements made during the quarter under review grew to Rs 6,524 crore, from Rs 5,653 crore registered in the same period last year. Total disbursements made during the nine month period ending December 31, 2023 grew to Rs 19,954 crore, from Rs 15,707 crore registered year ago.

The Board of Directors at its meeting held on February 5 has declared an interim dividend of Rs 14 per share (140 per cent).

Sundaram Finance Managing Director Rajiv Lochan said, "Q4 is off to an auspicious start, but prospects will be influenced by the upcoming general elections in April-May and related events. We will continue to focus on extending our market share across all asset classes and geographies we operate in and on delivering the Sundaram experience to our customers.