Chennai, May 24 (PTI) Non-banking finance company Sundaram Finance has reported a net profit of Rs 386 crore for the quarter ending March 31, 2024, a top official said on Friday.
The city-headquartered company for the financial year ending March 31, 2024, reported the highest ever disbursements of Rs 26,163 crore, Managing Director Rajiv C Lochan said here.
Net profits for the year ending March 31, 2024, touched Rs 1,334 crore while the capital adequacy ratio stood at 20.5 per cent as of March 31, 2024.
Commenting on the financial performance, Lochan said, “Q4 witnessed sluggish demand in the automotive sector although pre-election impetus boosted infrastructure and construction activity. We improved market share and ensured best-in-class asset quality in a tough operating environment.
“Looking ahead, while medium-term prospects for the Indian economy look promising, we expect FY25 to be a tale of two halves — H1 impacted by the general elections currently underway and normal monsoons forecast and H2 witnessing a revival in demand and private investment,” he told reporters.
According to company officials, the assets under management in the lending and general insurance business stood at Rs 66,472 crore as of March 31, 2024, as compared to Rs 53,406 crore recorded as of March 31, 2023.
On the performance of group companies, he said the asset management business closed the year ending March 31, 2024 with AUM of Rs 70,883 crore and consolidated profits from this vertical was at Rs 112 crore as against Rs 85 crore registered last year.
Group company Royal Sundaram reported a Gross Written Premium of Rs 3,825 crore for the financial year ending March 31, 2024, as compared to Rs 3,517 crore registered in the same period of last year.
Royal Sundaram posted a profit after tax of Rs 169 crore for FY2024 as against a profit of Rs 44 crore registered year ago.
Sundaram Home Finance continued to grow strongly with disbursements up by 29 per cent to Rs 5,029 crore in FY’24.
Sundaram Finance Executive Vice Chairman Harsha Viji said, “Team Sundaram has delivered a strong FY24 despite lower-than-expected economic activity in the quarter. Our group companies in asset management, general insurance and home finance have continued their trajectory from FY23 and recorded strong results.” “We continue to rely on our time-tested approach of steady and sustainable growth with best-in-class asset quality and consistent profitability,” Viji added. PTI VIJ KH
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