Sundaram Home Finance reports net profit of over Rs 40 cr in FY22

30 Jul 2021 CW Team

Sundaram Home Finance has reported a net profit of Rs 40.04 crore in Q1 FY22 against its profit of Rs 33.94 crore in the corresponding quarter of the previous year.

The company made disbursements of Rs 249.27 crore in the first quarter (Q1) of FY22, compared to Rs 99.98 crore in the same quarter of the last fiscal year.

According to a statement, the company plans for fund growth to raise Rs 2,500 crore in 2021 through debt instruments and bank funding.

The MD of Sundaram Home Finance, Lakshminarayanan Duraiswamy, said that the second wave of the Covid-19 pandemic caused uncertainty throughout the quarter though, the relaxation of the lockdown in June in most of the states led to a partial growth in the real estate demand at the end of the first quarter.

He also said that the disbursements made in Q1 were driven by mid-market segments, mostly of salaried classes in II and III tier towns.

The company is positive about the growth prospects for the rest of the year, leaving behind the worst, he said.

Sundaram Home Finance is a leading firm in the housing finance industry, which has 107 branches in the country. The company provides home and plot loans, home improvement, and loans against property, among others.

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