Sundaram Finance Q1 profit rises 29.75% to Rs117 Crore
Chennai: Non-banking Finance Company (NBFC) Sundaram Finance has recorded a 29.75% rise in net profits for the quarter ending 30 June 2017 at Rs117 crore.
The city-based company recorded net profits at Rs90.17 crore during the corresponding period of the previous year.
Disbursements during the April-June 30, 2017 quarter grew by 6.31% to Rs3,420 crore from Rs3,217 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% 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% as on June 30, 2016. Net NPA dipped to 0.93% as on 30 June 2017 from 1% as on 30 June 2016, it added.