Sundaram Home Finance reports Q2 net at Rs 44 crore

Sundaram Home Finance has reported net profits of Rs 44 crore for the July-September 2024 quarter, the company said on Wednesday.

The city-based wholly owned subsidiary of Sundaram Finance Ltd had registered net profits of Rs 59 crore, during the corresponding quarter of last financial year.

Disbursements made during the quarter under review grew to Rs 1,543 crore as against Rs 1,214 crore recorded in the same quarter of last financial year.

For the six month period ending September 30, 2024 net profits of the company stood at Rs 111 crore as against net profits of Rs 117 crore registered a year ago.

Disbursements made during the half year ending September 30, 2024 rose to Rs 2,897 crore, from Rs 2,317 crore registered in the corresponding period of last year.

Sundaram Home Finance during the quarter ending September 30, 2024 expanded its presence with the opening of new branches in Pune and Indore. The company also expanded its presence in Karnataka with a new branch in Belgaum during the period.

"Our strong disbursements growth was driven by our continued expansion in Tier II and III towns, both in the South as well as beyond. The Emerging Business segment too did well for us during the second quarter, " company Managing Director D Lakshminarayanan said.

The emerging business segment comprising small business loans and financing to affordable housing market made disbursements of Rs 42 crore in the July-September 2024 quarter.

On the outlook for the current financial year, Lakshminarayanan said, "We are confident of continuing the growth trajectory in the second half of the year, driven by multiple factors including affordability, economic growth of smaller towns and opening of new branches beyond the Southern market." "We are also hopeful of expanding our presence in the newly launched Emerging Business segment and establishing a solid base in the affordable housing financing," he added.