Sundaram Home Finance managing director Lakshminarayanan Duraiswamy. Photo: Special Arrangement
Sundaram Home Finance Ltd., standalone net profit for the quarter ended December rose by 51% to ₹53 crore against the year-ago period.
Disbursements increased to ₹986 crore from ₹652 crore, the wholly-owned subsidiary of Sundaram Finance said in a statement.
“The residential real estate sales is on a multi-year high. We continued on the positive growth trajectory in the third quarter driven by disbursements in Tier-2 and 3 towns. The outlook is positive and the long-term growth story remains intact,” said MD Lakshminarayanan Duraiswamy.
Asserting that the initial response to their foray into small business loans has been quite positive, he said that they are confident of its growth prospects.
The company opened seven exclusive branches in Tamil Nadu to provide loans of up to ₹20 lakh to small shops and small business enterprises and plans to expand its presence in Q4.