Non-banking Finance Company Sundaram Finance has recorded a 29.75 per cent rise in net profits for the quarter ending June 30, 2017 at Rs 117 crore. The city-based company recorded net profits at Rs 90.17 crore during the corresponding period of the previous year. Disbursements during the April-June 30, 2017 quarter grew by 6.31 per cent to Rs 3,420 crore from Rs 3,217 crore registered during the year ago period.
“The growth in disbursements was driven by a strong performance in cars, tractors and construction equipment segments”, Sundaram Finance MD T T Srinivasaraghavan said. “Asset quality remains strong with both Gross NPA and net NPA coming down during the quarter”, he said in a statement.
The company’s assets under management grew by 15.8 per cent to Rs 24,331 crore from Rs 21,007 crore registered during year ago period. Gross NPA stood at two per cent as on June 30, 2017 as against 2.15 per cent as on June 30, 2016. Net NPA dipped to 0.93 per cent as on June 30, 2017 from 1 per cent as on June 30, 2016, it added.