Sundaram Home Finance reported standalone net profit for the September quarter contracted over the year ago period to ₹44 crore from ₹59 crore.
Disbursements of the wholly owned Sundaram Finance Ltd.’s rose 27% to ₹1,543 crore. Assets under management was up by 14% at ₹13,888 crore.
The newly launched Emerging Business segment comprising of small business loans and financing to the affordable housing market registered disbursements of ₹42 crore.
“Our strong disbursements growth was driven by our continued expansion in Tier 2 and 3 towns, both in the South as well as beyond. The Emerging Business segment too did well for us during the second quarter,” said Managing Director D. Lakshminarayanan in a statement.
As part of its expansion plans, SHF hired over 300 people during the first half of the year. The company will continue to look for select opportunities to grow outside the South market while consolidating its presence in the South.
On the outlook, he said they were confident of continuing the growth trajectory in the second half of the year, driven by multiple factors including affordability, economic growth of smaller towns and opening of new branches beyond the Southern market.
SHFL is also hopeful of expanding its presence in the newly launched Emerging Business segment and establishing a solid base in the affordable housing financing.
Published - November 01, 2024 06:44 pm IST
