The net profit for the quarter ended March 31, 2020 included a one-time exceptional item of Rs 60 crore, on account of write back of deferred tax liability. H
Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance, has reported a net profit of Rs 36.60 crore for the Q4 of FY21, compared with Rs 82 crore for the corresponding period in the previous year. The net profit for the quarter ended March 31, 2020 included a one-time exceptional item of Rs 60 crore, on account of write back of deferred tax liability. Hence the net profit for the two periods was not comparable, the company said in a statement.
Disbursements for Q4 went up 18% to Rs 459.38 crore, against Rs 389.60 crore. The company said it is looking to raise Rs 2,500 crore this year through a mix of debt instruments and bank funding for funding its growth plans.
For FY 21, the company registered a net profit of Rs 191 crore, compared with Rs 218 crore logged in the previous year. The net profit for the two periods was not comparable due to the inclusion of one-time exceptional item of Rs 60 crore. It registered disbursements of Rs 1,254.05 crore for the full year as against Rs 2,112.09 crore.
The deposit base went up to Rs 1,810 crore as on March 31, 2021, a net accretion of Rs 204 crore, it said. Lakshminarayanan Durais-wamy, MD, Sundaram Home Finance, said, “While it was a gloomy start to FY21, marked by lockdown in the first couple of months, the latter half of the year panned out well and we saw a gradual but certain recovery. The real estate sector showed remarkable tenacity in 2020 against unprecedented odds. Over the five month period between November 2020 and March 2021, we saw demand getting back to pre-Covid levels and a nice momentum was starting to build. The fourth quarter was the silver lining in the last financial year with the return of customer confidence.”
The company, which has 115 branches across the country, provides home loans, plot loans, home improvement and extension loans and loans against property.