Sunday, Oct 2 2022 | Time 18:18 Hrs(IST)
Business Economy

Sund Fin logs highest ever disbursements in Q1

Chennai, Aug 8 (UNI) Sundaram Finance has logged highest ever Q1
disbursements of Rs. 4,895 crores in Q1FY23, an increase of 138%
over Q1FY22.
The Board of Directors of the company today approved the unaudited
standalone and consolidated financial results for the quarter ended
June 30, 2022, at its meeting.
“We have re-established our pre-pandemic growth trajectory with the
highest-ever first quarter disbursements of Rs. 4,895 crores and
registered 138% growth over the first quarter of last year. Coupled with
continued strong improvement in our asset quality levels and a healthy
18% increase in profits, we have delivered a strong quarter of Growth
with Quality and Profitability. Overall economic activity continues to
improve across all segments despite inflationary concerns and related
interest rate hikes,” Company Executive Vice-Chairman Harsha Viji said.
Disbursements for Q1 recorded a growth of 31% sequentially over Q4
FY22. Gross stage 3 as on June 30, 2022, stood at 2.51% with provision
cover of 49% as against 4.25% as on June 30, 2021, with provision cover
of 27%.
Profit after tax at Rs. 226 crores registered an increase of 18% in Q1 FY23
as against Rs. 192 crores in Q1 FY22. Return on assets at 2.5% improved
over Q1 FY22 (2.2%) and capital adequacy at 24.1% remains quite
comfortable to support planned growth.
“The first quarter is off to a strong start and to plan. We regained share
across most asset classes and remain focused on extending our share in
all markets. We expect continued recovery in the commercial vehicles
segment, especially medium & heavy commercial vehicles. Prospects for
our growth segments of Construction Equipment, Tractor & Farm Equipment
as well as Commercial Lending continue to remain bright", Company Managing
Director Rajiv Lochan said.
"The demand for passenger vehicles remains strong, constrained only by supply.
This quarter also witnessed our technology, digital & data investments strengthen
with the launch of the Sundaram Credit Line – a contactless, paperless offering to
our existing customers, delivered digitally end-to-end", he said.
"Team Sundaram remains focused on ensuring our rightful market share in the
segments & geographies we operate in while continuing to remain industry-best
in asset quality performance & delivering the Sundaram experience to all our
customers,” Rajiv said.
UNI GV 1605
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