Sundaram Finance Q2 profit rises 13.2% to Rs128 crore
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Chennai: Sundaram Finance Ltd’s profit rose 13.2% to Rs128 crore for the second quarter that ended on 30 September, the company said in a BSE filing.
The non-banking financial company’s results included one-time income of Rs40.65 crore on account of sale of shares in BNP Paribas Sundaram Global Securities.
A Bloomberg survey had expected the company to post net profit of Rs122.6 crore.
Loan disbursements for the quarter rose 6% to Rs3,177 crore.
While the gross non-performing assets (NPA) of the Chennai-based company stood at 2.18%, its net NPA stood at 1% for the quarter ended 30 September.
The group, which provides financing for commercial vehicles, passenger cars, construction equipment, saw its total assets under management, grow to Rs19,348 crore from Rs17,140 crore in the year-ago period.
Sundaram Finance’s stock rose 1.57% to Rs1,394 on BSE on Monday, while India’s benchmark Sensex gained 0.05% to close at 27,930.21 points.