CHENNAI: Sundaram Finance on Wednesday reported a 43% rise in its net profit for the quarter ended March 31, 2022, at Rs 299 crore as compared to Rs 209 crore in the corresponding quarter of last year.
The Chennai-based NBFC had a jump in net profit by 12% for the full year ended March 31, 2022, wherein the net profit stood at Rs 903 crore as compared to Rs 809 crore in FY21.
The disbursements during the fourth quarter ended March 31, 2022 went up 13% to Rs 3,751 crore as compared to Rs 3,305 crore in the same period the previous year. Similarly, disbursements for FY22 witnessed 13% growth to Rs 13,275 crore when compared to Rs 11,742 crore recorded in FY21.
Adjusting for the ECLGS scheme core disbursements, a one-time Covid dispensation, core business grew by 23% YoY in FY22.
Rajiv C Lochan, MD, Sundaram Finance, said, “The northern and western regions recorded 50% growth YoY, which is quite phenomenal.”
The branch expansion was one element for the growth, he added.
Responding to a query on the disbursement growth, he said, “In Q4, we saw the commercial vehicles take off.”
The Chennai-based NBFC had a jump in net profit by 12% for the full year ended March 31, 2022, wherein the net profit stood at Rs 903 crore as compared to Rs 809 crore in FY21.
The disbursements during the fourth quarter ended March 31, 2022 went up 13% to Rs 3,751 crore as compared to Rs 3,305 crore in the same period the previous year. Similarly, disbursements for FY22 witnessed 13% growth to Rs 13,275 crore when compared to Rs 11,742 crore recorded in FY21.
Adjusting for the ECLGS scheme core disbursements, a one-time Covid dispensation, core business grew by 23% YoY in FY22.
Rajiv C Lochan, MD, Sundaram Finance, said, “The northern and western regions recorded 50% growth YoY, which is quite phenomenal.”
The branch expansion was one element for the growth, he added.
Responding to a query on the disbursement growth, he said, “In Q4, we saw the commercial vehicles take off.”
