Sundaram Home Finance posts Q2 Net Profit at Rs 59.33 cr

Chennai, NT Bureau: Sundaram Home Finance has reported a 18 per cent increase in its net profit for the second quarter ending September 30, 2023 at Rs 59.33 crore, the company said on Thursday.

The city-based wholly owned subsidiary of nonbanking finance company Sundaram Finance had registered a net profit at Rs 50.30 crore during the corresponding quarter of last year.

For the half-year ending September 30, 2023 the net profit of the company grew to Rs 116.75 crore, up by 20 per cent, from Rs 97.56 crore registered during the same period of last year.

Disbursements made during the quarter under review grew to Rs 1,213.87 crore from Rs 940.56 crore recorded in the same period of last year.

For the six month period ended September 30, 2023 the total disbursements rose to Rs 2,307.38 crore, from Rs 1,736.25 crore registered in the same period of last year.

Commenting on the financial performance, Sundaram Home Finance MD, Lakshminarayanan Duraiswamy said,"the strong growth of 33 per cent in disbursements in the first half has been driven by our continued expansion in Tier II and III towns.