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Business EconomyPosted at: Nov 2 2021 4:36PM


SF Holdings reports standalone net profit of Rs 11.09 cr in Q2

Chennai, Nov 2 (UNI) Sundaram Finance Holdings Limited (SF Holdings) today
announced that it has registered a standalone net profit of Rs.11.09 crores for
the quarter ended September 30 this year.
This is an increase of 193 per cent over Rs. 3.78 crores reported during the
corresponding period of the previous year.
The consolidated profit for the six months ended September 30 was Rs.50.86
crores as compared to Rs. 9.41crores for the corresponding period of the last
financial year.
SF Holdings primarily operates as a holding company owning a portfolio of automotive
businesses including foundries, wheels, brakes, turbo chargers, axles, and distribution
of spare parts. As a result, dividend from portfolio companies forms a substantial part
of the financial results.
Driven by a strong recovery in the automobile sector, dividend received from portfolio
companies was at Rs. 29.13crores for the half year ended September 30, 2021, already
exceeding the full year’s dividend received for the financial year 2020-21 (Rs.14.13crore).
The company’s performance is also an extension of its long-term strategy of consolidating
its automotive holdings, according to a company release.
Company Director Harsha Viji said “we continue to use the automotive industry down-turn
to consolidate our portfolio, investing further into our companies and undertaking business
restructuring to unlock synergies in our foundry business”.
Creating amongst the largest ferrous casting businesses in the country SF Holdings has
taken steps to consolidate its investment in foundry business.
It has increased its shareholding in the foundry business Flometallic India Private Limited.
Flometallic has in turn filed a scheme of arrangement with the NCLT to merge its operations
with those of Brakes India Private Limited. Along with Dunes Oman (a subsidiary of Brakes
India), this merger will create a combined foundry capacity of 1,75,000 tons operating out
of four locations--Sholingur, Naidupeta, Jagadia and the Sultanate of Oman.
This will create one of the largest ferrous casting businesses in the country and will increase
the competitiveness of the foundry business as a whole.
SF Holdings has planned for a further investment of up to two million euros into its portfolio
company Mind S.r.l., Italy, which focuses on carbon fiber components for the automotive
industry in Europe. This investment is to augment working capital needs and invest in further
growth.
SF Holdings invests Rs. 450 crores to buy out foreign partners in Wheels India and Brakes
India In keeping with its philosophy of consolidation, SFHL has invested Rs. 450 crores over
the last year to buy out the foreign partners in two portfolio companies which it had co-promoted,
Brakes India and Wheels India.
UNI GV 1635
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