Quarterly Results: Sundaram Finance Q2 net up 10%

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November 09, 2021 3:01 AM

SFL in a statement said the second quarter witnessed recovery across most macro-economic indicators. Disbursements for the quarter recorded a growth of 14% to Rs 3,621 crore, compared to Rs 3,174 crore in Q2 FY21.

The capital adequacy ratio stood at 23.4% (tier I at 16.3%) as on September 30, 2021 as compared to 19.3% (tier I at 13.7%).The capital adequacy ratio stood at 23.4% (tier I at 16.3%) as on September 30, 2021 as compared to 19.3% (tier I at 13.7%).

Sundaram Finance (SFL) on Monday reported a net profit of Rs 211 crore for the second quarter of FY22, compared with Rs 192 crore in the corresponding quarter of last fiscal, recording a growth of around 10%. Total income of the Chennai-based company grew 3% to Rs 1,025 crore, against Rs 998 crore.

SFL in a statement said the second quarter witnessed recovery across most macro-economic indicators. Disbursements for the quarter recorded a growth of 14% to Rs 3,621 crore, compared to Rs 3,174 crore in Q2 FY21.

Gross NPA and net NPA as on September 30, 2021 stood at 3.85% and 2.48%, respectively, compared with 4.59% and 3.38%, respectively, as on June 30, 2021 and 2.44%and 1.44% as on September 30, 2020.

Harsha Viji, executive vice chairman, SFL, “Every month in the second quarter has seen improvement in both business growth and collections. The vicious second wave appears behind us. That said, overall recovery to a new normal will take time. Customer sentiment has significantly improved, and the second half of the year will likely see broad-based recovery.”

The capital adequacy ratio stood at 23.4% (tier I at 16.3%) as on September 30, 2021 as compared to 19.3% (tier I at 13.7%).

Rajiv Lochan, MD, said :“We have made good progress on both growth and asset quality in the second quarter. While stress continues in Covid-impacted sub-sectors, we remain focused on supporting our customers in resuming their business activity from the disruptions imposed by the pandemic. Despite supply challenges due to the global chip shortage, demand is improving across asset classes.”

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