Representative image of profit graph.
Credit: iStock Photo
Chennai: Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance has reported a net profit of Rs 57 crore for the January-March 2024 quarter, the company said.
The city-headquartered company had registered a net profit of Rs 65 crore, during the corresponding quarter of last year.
For the year ending March 31, 2024, the net profits of the company grew to Rs 236 crore, as against Rs 215 crore registered a year ago.
Disbursements made during the quarter under review went up by 20 per cent to Rs 1,469 crore, as compared to Rs 1,222 crore registered in the same period of last year. For the year ending March 31, 2024 the overall disbursements breached the Rs 5,000 crore milestone, totalling Rs 5,039 crore, up by 27 per cent from Rs 3,978 crore disbursements made last financial year.
The Assets Under Management went up to Rs 13,812 crore, as on March 31, 2024 in comparison to Rs 11,180 crore registered as on March 31, 2023.
Commenting on the financial performance, company Managing Director Lakshminarayanan Duraiswamy in a statement on Saturday said, 'it has been a good year for the real estate segment with consistent demand from home buyers. Driven by our growing new branch network, penetration into smaller towns, strong growth momentum in Tier II and III towns in the South and solid contribution from the Madhya Pradesh and Rajasthan, we were able to achieve a significant milestone (of over) Rs 5,000 crore in disbursements in FY24'.
Sundaram Home Finance last year continued with its expansion and opened over 20 new branches taking the overall network to 150 across the country. The company hired over 400 people in FY24, it said.