Sundaram Finance Q1 net up 29.75% to Rs 117 Crore

By: |
Chennai | Published: July 19, 2017 6:32:09 PM

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.

sundaram finance, sundaram profit june, sundaram finance md 2017, sundaram npa 2017Non-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. (Source: Reuters)

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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Lenovo’s gift for millennials in India: Future ready laptops
2IBM Corp reports lower than expected quarterly revenue, weighed down by legacy businesses
3Aurobindo Pharma gets USFDA nod to market kidney ailment drug