Non-banking finance company (NBFC) Sundaram Finance Ltd. has registered a 45% increase in net profit for the quarter ended December 2020 to ₹242 crore due to an uptick in most of its business segments.
During the quarter under review, disbursements went up by 8.5% to ₹4,307 crore, while net income rose 7% to ₹1,045 crore. Deposit base rose to ₹4,112 crore from ₹3,722 crore. Assets under management increased to ₹31,226 crore from ₹30,502 crore, the company said in a statement.
Net NPA (stage III) contracted to 1.59% from 2.79%. As per a Supreme Court order, the NBFC has not classified any loan account as non-performing asset.
“Compared to the scenario in the first two quarters of the year, the third quarter saw a revival in most of our business segments, except medium and heavy commercial vehicles. Passenger cars, tractors and construction equipment segments did particularly well in Q3,” said MD T.T. Srinivasaraghavan. On January 20, the board declared an interim dividend of ₹12 per share, to be paid on February 17.
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