Sundaram Finance reports Rs 192-cr profit in Q2

By: |
November 7, 2020 12:30 AM

Income from operations for the quarter under review stood at Rs 993 crore, compared with Rs 994 crore in the same quarter last year.

Assets under management of Sundaram Finance stood at Rs 30,572 crore, against Rs 30,256 crore.Assets under management of Sundaram Finance stood at Rs 30,572 crore, against Rs 30,256 crore.

Chennai-based NBFC Sundaram Finance has reported a net profit of Rs 192 crore for the second quarter of FY21, compared with Rs 269 crore in the same period last year. However, the net profit of Q2 of FY20 included one-time income of Rs 53 crore, and so the profit for the current quarter is not comparable with that of the previous year, the company said in a statement.

Income from operations for the quarter under review stood at Rs 993 crore, compared with Rs 994 crore in the same quarter last year. The company reported disbursements of Rs 3,174 crore in Q2, against Rs 3,832 crore in the year-ago period.

Assets under management of Sundaram Finance stood at Rs 30,572 crore, against Rs 30,256 crore.

Managing director TT Srinivasaraghavan said, “Despite the first two months of the year having been a total washout, we managed to reach over 80% of our disbursements in Q2. Every succeeding month since May witnessed an upward trend and that is something heartening. On the back of a bountiful monsoon and the government’s investment in infrastructure, the tractor and construction equipment segments have done particularly well.”

He said while there is a lot of positivity around the festive season, the company has to wait and watch if this momentum sustains in coming months.

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