Sundaram Finance Ltd would focus on ensuring its rightful market share in the segments and the geographies the firm operates, said an official of the company on Wednesday.
The Chennai-based non-banking finance company saw a standalone profit after tax (PAT)of Rs 303 crore for July-September against Rs 211 crore in the same period last year. The PAT for the six-month period ending September 30, 2022 grew to Rs 529 crore from Rs 402 crore.
The disbursements during the quarter went up to Rs 5,139 crore from Rs 3,621 crore.
Disbursements for the six-month period ending September 30, 2022 surged to Rs 10,034 crore from Rs 5,681 crore last year.
On the performance, managing director of the company Rajiv Lochan said, "It has been a record-setting quarter and a half-year for Sundaram with highest-ever H1 disbursements. Coupled with continuing improvement in asset quality to remain best-in-class and strong profit growth,it has been an all-round strong quarter."
"We remain steadfast in our focus of delivering the Sundaram experience to all our customers and ensuring we remain industry-best in asset quality. We remain sharply focused on ensuring our rightful market share in the segments and geographies we operate," he said.
Executive vice-chairman of the firm Harsha Viji said, "Economic activity remained robust through Q2. We delivered strong growth, continuing the momentum from Q1, to gain and extend our market share across asset classes."
"Our asset quality continues to improve and remained best-in-class while profitability improved creating sufficient ammunition for continuing our growth trajectory. Overall, it has been a satisfying quarter of growth with quality and profitability," Viji said.
On the performance of group companies, Sundaram Finance said the asset management business closed the half-year ending September 30, 2022 with assets under management at Rs 52,561 crore. The consolidated profit was Rs 34 crore against Rs 48 crore in the first six months of last year.
Royal Sundaram General Insurance, a joint venture with Ageas of Belgium, delivered gross written premium of Rs 1,645 crore in the first six months of the period ending September 30, 2022 from Rs 1,420 crore same period last year.
Profit for the half-year ending September 30, 2022 was Rs 1 crore against Rs 152 crore last year.
"The profits, during the half year, were affected. The net loss of Rs 62 crore on fair value of equity investments against the net profit of Rs 91 crore accounted in the half-year ended September 30, 2021," said the company.
Sundaram Home Finance continued to grow strongly with disbursements up by 95 per cent (Rs 1,736 crore) registered in the first half of the year ending September 30, 2022. The profit was Rs 98 crore against Rs 80 crore recorded last year.
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