Sundaram Home posts 21% rise in Q1 net

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Sundaram Home Finance has reported a 21 per cent increase in its net profit at ₹57.42 crore for the quarter ended June 30, 2023 when compared with ₹47.26 crore in the year-ago quarter.

Disbursements during June 2023 quarter grew 39 per cent to ₹1103.51 crore (₹795.69 crore) .

“The growth in disbursements has been driven by our focus on expanding into remote towns in South India,” Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said.

The company opened eight new branches during the first quarter of the year in tier 2 and 3 towns including Edappadi, Ilayampalli, and Tuticorin in Tamil Nadu.

“Tier 2 and 3 towns are growing at a fast clip and we see this trend continuing in the near term. Over the last 12 months, we have opened up branches in a number of new locations. Our growth strategy will be to continue to pivot around the self-employed customer segment and smaller towns,” he added.