Sundaram Finance to raise Rs 3,500 crore in FY16

By: | Published: May 30, 2015 12:16 AM

Leading NBFC Sundaram Finance registered a 3% increase in net profit in FY15 to Rs 454 crore against Rs 442 crore in the previous year.

Leading NBFC Sundaram Finance registered a 3% increase in net profit in FY15 to Rs 454 crore against Rs 442 crore in the previous year.

Disbursements for the year under review crossed the milestone of R10,000 crore and stood at R10,012 crore, a growth of 3% over R9,719 crore in the previous year.

The board of Sundaram Finance has recommended a final dividend of R6 per share.

“We plan to raise around R3,500 crore in the current fiscal through a mix of debentures and through securitisation,” said TT Srinivasaraghavan, MD, Sundaram Finance. He said gross receivables stood higher at R18,733 crore against R18,158 crore in the previous fiscal. Networth increased to R2,978 crore from R2,405 crore.

He said the company continued to maintain NPAs at a better level — for the year net NPAs stood at 0.52%. The company had moved to 120-day classification three years ago much ahead of the regulatory requirement. The deposits saw an all-time high accretion of R259 crore and stood at R1,925 crore.

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