Sundaram Home Finance Q3 Net Profit at Rs 62.55 Cr

Chennai, Jan 28 (PTI) Sundaram Home Finance has recorded a net profit of Rs 62.55 crore for the October-December 2024 quarter, the company said on Tuesday.

The city-based company, a subsidiary of Sundaram Finance Ltd, had registered a net profit of Rs 62.28 crore during the corresponding quarter of last financial year.

Disbursements made during the quarter under review increased by 35 per cent to Rs 1,692 crore as against Rs 1,252 crore recorded in the same quarter of last financial year.

Net profit for the nine month period ending December 31, 2024 stood at Rs 173.09 crore, as against Rs 179.03 crore recorded in the corresponding period of last financial year.

Disbursements made during the nine month period surged by 29 per cent to Rs 4,588 crore, as compared to Rs 3,569 crore registered in the same period of last financial year.

The Assets Under Management (AUM) as on December 31, 2024 stood at Rs 14,577 crore, a rise of 14 per cent from Rs 12,800 crore recorded as on December 31, 2023.

"There has been a positive growth trajectory in our disbursements in the first nine months of the year driven by end user demand, increased affordability and expansion of metros and growth of smaller towns. The newly launched Emerging Business segment has shown good growth in the initial phase even as we continue to understand the new market and the customer segment," Sundaram Home Finance MD D Lakshminarayanan said in a company statement on Tuesday.

During the first nine months of the financial year, the company opened 12 new branches outside the southern market and added over 500 employees. It forayed into Chhattisgarh and Andhra Pradesh market in the Emerging Business segment, while expanding presence in Madhya Pradesh and Tamil Nadu with the opening of new branches.

In December 2024, the company made an all time record monthly disbursements of Rs 618 crore.

On the outlook, Lakshminarayanan said, "Our record disbursement in December is testimony to the company leveraging the growth opportunities across market segments and geographies. We are hopeful that this growth trajectory will continue in the near term in both the prime and emerging business segments.