Quarterly Results: Sundaram Finance Q2 net up 10%

The superior adequacy ratio stood astatine 23.4% (tier I astatine 16.3%) arsenic connected September 30, 2021 arsenic compared to 19.3% (tier I astatine 13.7%).

Sundaram Finance (SFL) connected Monday reported a nett net of Rs 211 crore for the 2nd 4th of FY22, compared with Rs 192 crore successful the corresponding 4th of past fiscal, signaling a maturation of astir 10%. Total income of the Chennai-based institution grew 3% to Rs 1,025 crore, against Rs 998 crore.

SFL successful a connection said the 2nd 4th witnessed betterment crossed astir macro-economic indicators. Disbursements for the 4th recorded a maturation of 14% to Rs 3,621 crore, compared to Rs 3,174 crore successful Q2 FY21.

Gross NPA and nett NPA arsenic connected September 30, 2021 stood astatine 3.85% and 2.48%, respectively, compared with 4.59% and 3.38%, respectively, arsenic connected June 30, 2021 and 2.44%and 1.44% arsenic connected September 30, 2020.

Harsha Viji, enforcement vice chairman, SFL, “Every period successful the 2nd 4th has seen betterment successful some concern maturation and collections. The vicious 2nd question appears down us. That said, wide betterment to a caller mean volition instrumentality time. Customer sentiment has importantly improved, and the 2nd fractional of the twelvemonth volition apt spot broad-based recovery.”

The superior adequacy ratio stood astatine 23.4% (tier I astatine 16.3%) arsenic connected September 30, 2021 arsenic compared to 19.3% (tier I astatine 13.7%).

Rajiv Lochan, MD, said :“We person made bully advancement connected some maturation and plus prime successful the 2nd quarter. While accent continues successful Covid-impacted sub-sectors, we stay focused connected supporting our customers successful resuming their concern enactment from the disruptions imposed by the pandemic. Despite proviso challenges owed to the planetary spot shortage, request is improving crossed plus classes.”