Sundaram Home Finance targets Rs 2.25 Bn disbursements

11 Sep 2024 CW Team

Sundaram Home Finance has bolstered its presence in Madhya Pradesh by opening a second branch in Indore, aiming to disburse Rs 2.25 billion in the state this year. The company, headquartered in the city, has been progressively expanding outside the southern market, having ventured into Maharashtra last month and Rajasthan in April.

In addition to the new Indore branch, Sundaram Home Finance already operates a branch in Bhopal. As a wholly owned subsidiary of Sundaram Finance Ltd, the company sees Madhya Pradesh as a crucial market for expansion beyond South India. Managing Director D. Lakshminarayanan highlighted that the increasing affordability of residential properties, which range from small homes to villas, and the growing demand for plots, present significant opportunities for growth in the home finance sector in the state.

Lakshminarayanan noted that there is also a rising presence of micro, small, and medium enterprises, which offers further opportunities for providing working capital funding. Last year, Sundaram Home Finance disbursed Rs 1.5 billion in Madhya Pradesh and is now targeting Rs 225 crore in disbursements for the current financial year, reflecting a 50% increase from the previous year.

He mentioned that Indore has exceeded expectations in terms of growth and opportunities over the past 2-3 years, prompting the current expansion to meet the burgeoning market needs. Lakshminarayanan also indicated that the real estate landscape in Indore is set for continued growth, with opportunities for both investors and homebuyers. He expects the success of the commercial sector to positively impact the real estate sector.

In addition to inaugurating the second branch in Madhya Pradesh, Sundaram Home Finance plans to open new branches in three additional locations within the state over the next 12-18 months. The company reported a net profit of Rs 66 crore for the April-June 2024 quarter and disbursed Rs 1,353 crore during the same period.

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