Sundaram Finance 9-month net profit at Rs 605 cr

 Non Banking Finance Company Sundaram Finance recorded a disbursements growth of 13% to Rs 9,524 crores for Apr – Dec 2021 as compared to Rs 8,437 cr registered in the corresponding period of the previous year.

Gross stage 3 assets as on December 31, 2021, stood at 3.39% with provision cover of 39% as against 3.45% as on September 30, 2021, with provision cover of 39%. Profit after tax for Apr – Dec 21 went up to Rs 605 cr as against Rs 600 cr in Apr – Dec 2020.

Harsha Viji, Executive VC, Sundaram Finance, said “Overall economic activity improved in Q3 FY22 and demand remained robust across segments. However, supply side issues, including the global semiconductor chip shortage, caused a decline in industry volumes across multiple asset classes. We anticipate broad-based recovery across all segments in Q4.”