Sundaram Home Finance lines up aggressive expansion plans

Sundaram Home Finance has drawn up expansion plans by adding 40 branches across segments pan India, the company said on Saturday.

Sundaram Home Finance is the wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd.

The company declared its financial results for the quarter ending December 31, 2023, by registering an 18 per cent rise in its net profit at Rs 62.28 crore, as compared to Rs 52.57 crore registered in the same period last year.

"Currently, the company has 135 branches in the southern region and in Madhya Pradesh, Rajasthan, Maharashtra, and Gujarat it is planning to add another 40 branches in the home finance, small business loan and affordable housing segments in the near future," a company statement said on Saturday.

Under the Affordable Housing Segment alone, the company is in the process of opening 10 branches and recruiting 75 people, initially.

In October 2022, Sundaram Home Finance forayed into the Small Business Loans segment and registered growth in the first 15 months. It has opened 30 exclusive Small Business Loan branches and recorded disbursements of over Rs 90 crore during that period, the release added.