Non Banking Finance Company Sundaram Finance Ltd. has registered a 6% rise in its net profit for the quarter ended June 30, 2020 at Rs. 166 crores as compared to Rs. 157 crores registered in the corresponding period last year. Revenue from operations increased to Rs. 948 crores for the quarter ended June 30, 2020 from Rs. 930 crores registered in the quarter ended June 30, 2019.
Assets under management stood at Rs. 29,580 crores as on June 30, 2020 as compared to Rs. 29, 977 crores as on June 30, 2019.
The deposit base crossed Rs. 3,700 crores during the quarter ended June 30, 2020.
On growth opportunities in the current scenario, TT Srinivasaraghavan, MD, Sundaram Finance Ltd., said: “With the monsoon tracking well, the rural economy holds promise. Passenger car sales are beginning to look up and the oncoming festive season could prove a shot in the arm for auto manufacturers.”
Srinivasaraghavan also said: “The Government’s investment in the infrastructure sector could provide a boost to the construction equipment segment.”
Set up in 1954, the Sundaram Finance Group’s services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance. The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of a wide range of financial products and services. The company has over 600 branches spread across the country.