Quarterly Results: Sundaram Finance net jumps 45% in Q3

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February 6, 2021 3:15 AM

Assets under management stood at Rs 31,226 crore as on December 31, 2020, compared with Rs 30,502 crore as on December 31, 2019.

The net NPA (Stage III) of the company stood at 1.59% as against 2.79%.The net NPA (Stage III) of the company stood at 1.59% as against 2.79%.

Non-banking finance company Sundaram Finance (SFL) on Friday reported a 45% rise in its net profit to Rs 242 crore for the third quarter of FY21, compared with Rs 167crore in the year-ago period.

Disbursements during the third quarter went up by 8.5% to Rs 4,307 crore, compared with Rs 3,968 crore. Net income rose 7% to Rs 1,045 crore from Rs 976 crore.

Assets under management stood at Rs 31,226 crore as on December 31, 2020, compared with Rs 30,502 crore as on December 31, 2019.

TT Srinivasaraghavan, MD, said, “Compared to the scenario in the first two quarters of the year, Q3 saw a revival in most of our business segments, except M&HCVs. Passenger cars, tractors and construction equipment segments did particularly well in Q3.”

The net NPA (Stage III) of the company stood at 1.59% as against 2.79%.

The deposit base stood at Rs 4,112 crore, compared with Rs 3,722crore.

He said, “with the strong infrastructure push announced in the budget, we expect the growth momentum to pick up in the next few quarters.”

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