CHENNAI: Sundaram Home Finance has registered a 16 per cent rise in its net profit for Q1 ended 30 th June 2024 at Rs 66.38 cr as compared to Rs 57.42 cr in the same period the previous year.

Disbursements for Q1 went up 24 per cent to Rs 1,353 cr as compared to Rs 1,094 crores in corresponding quarter of the previous year.

Managed AUM stood at Rs 14,533 cr as on June 30, 2024 as compared to Rs 11,699 cr as on June 30, 2023.

In the first quarter, Sundaram Home Finance announced the launch of ‘Emerging Business’ segment, a new business segment comprising affordable housing financing and loans to small businesses. It has 40 dedicated branches for this business and plans to open an additional 20 branches in TN and Andhra Pradesh in the near term and hire around 200 people for this segment.

D Lakshminarayanan, MD, Sundaram Home Finance, said, “Our disbursements growth in Q1 continued to be driven by market expansion in smaller towns and additional business from new branches. We will look for newer opportunities in Tier 3 and 4 towns while we continue to strengthen our presence in the Southern Markets and in Tier 2 towns.”

“We are also in the process of steadily increasing our presence in select geographies outside south”, he said.