Sundaram Finance posts a 59.5% jump to Rs 209 cr in after-tax profit in Q4


: Non-bank financial company

Sundaram Finance Ltd reported a 59.5% increase in fourth quarter after-tax profit to Rs 209 crore.

Sundaram Finance had recorded consolidated PAT at Rs 131 crore in the corresponding quarter of last year.

For the year ending March 2021, the company recorded an after-tax profit of Rs 809 crore compared to Rs 724 crore for the same period last year.

“Excluding the one-time gain of Rs 53 crore (on the sale of shares in Sundaram Finance Holdings Ltd) in FY20, net profit increased 21 percent on a comparable basis,” the based company said. in the city in a statement on Friday.

Disbursements for the quarter under review increased to Rs 3,305 crore from Rs 2,930 crore recorded in the same quarter last year.

For the year ending March 31, 2021, the company made cash disbursements of Rs 11,742 crore compared to Rs 15,175 crore in fiscal year 20.

Commenting on the financial performance, Harsha Viji, Executive Vice President of Sundaram Finance Ltd, said: “As the first quarter of the year was almost a complete washout in response to the COVID-19 pandemic, we have witnessed a strong recovery in the second half of the year, by the tractor, tipper and construction machinery segments. “

Regarding the outlook for the year, company chief executive Rajiv Lochan said: “We expected the growth momentum of the fourth quarter to continue this year, but the intensity of the second wave and the lockdowns that followed created uncertainty in the environment. “

“Based on our learnings over the past year and our investments in technology and digitization, we are ready to meet the challenges created by the pandemic as operations resume.

We remain committed to our customer-centric mission and to finding a careful balance between growth, quality and profitability, ”he said.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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