CHENNAI: Sundaram Home Finance (SHF)has registered a 21 per cent increase in its net profit for Q1 ended 30 June 2023 at Rs 57.42 crores against Rs 47.26 crore in the corresponding period of the previous year.
Disbursements for Q1 ended 30 June 2023 increased 39 pre cent to Rs 1103.51crore as compared to Rs 795.69crores registered in the same period of the previous year.
The company opened 8 new branches during the Q1 of the year in Tier 2 and 3 towns including in Edappadi, Ilayampalli and Thoothukudi in TN.
Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said, “The growth in disbursements has been driven by our focus on expanding into remote towns in south India.”
On the current scenario and business outlook, he said, “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”.