Sundaram Finance Q2 net up 10.8 pct at Rs 123 cr

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SummarySundaram Finance Ltd has reported 10.8 per cent jump in net profit at Rs 123 crore for the second quarter.

Sundaram Finance Ltd has reported 10.8 per cent jump in net profit at Rs 123 crore for the second quarter ended September 30, 2013.

The non-banking finance company had posted a net profit of Rs 111 crore in the July-September quarter of 2011-12.

For the first six months ended September 2013, the city- based company posted a net profit of Rs 239 crore compared to Rs 206 crore in the year-ago period, showing an increase of 16 per cent, Sundaram Finance said in a statement.

Total loan disbursements during the first half of this financial year (April-September 2013) increased by 6.38 per cent to Rs 5,178 crore from Rs 4,867 crore registered during the same period of previous year.

Gross NPA and net NPA as on September 30, 2013 stood at 1.58 per cent and 0.94 per cent respectively, it said.

"Market conditions continue to be challenging with the sales of commercial vehicles and passenger cars having fallen sharply and prospects of an early revival appearing unlikely," Sundaram Finance Managing Director TT Srinivasaraghavan said.

"We will continue to focus on our stated objectives of growth with quality and profitability," he said.

The company's capital adequacy ratio stood at 17.66 per cent, it said.

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