Sundaram Home Finance Q1 net up at Rs 40.04 cr

The home finance subsidiary of Sundaram Finance registered a net profit of Rs 33.94 cr during the same quarter the previous year. It has seen disbursements of Rs 249.27 cr for Q1 ended June 30, 2021 as compared to Rs 99.98 cr in Q1 ended June 30, 2020.

Lakshminarayanan Duraiswamy, MD, Sundaram Home Finance said, “The second wave of COVID led to an uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1. The disbursements in the first quarter were driven by mid-market segments, especially the salaried class, in Tier 2 and 3 towns.”

To fund its growth plans, the company is looking to raise Rs 2,500 cr this year through a mix of debt instruments and bank funding. On the outlook, he said, “While the longer term outlook remains strong with the demand for housing expected to grow in the coming years, we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us.”

The leading player in home finance sector has 107 branches across the country. It also provides plot loans and home improvement loans.