Sundaram Home Finance reports net profit of over Rs 40 cr in FY22
Real Estate

Sundaram Home Finance reports net profit of over Rs 40 cr in FY22

Sundaram Home Finance has reported a net profit of Rs 40.04 crore in Q1 FY22 against its profit of Rs 33.94 crore in the corresponding quarter of the previous year.

The company made disbursements of Rs 249.27 crore in the first quarter (Q1) of FY22, compared to Rs 99.98 crore in the same quarter of the last fiscal year.

According to a statement, the company plans for fund growth to raise Rs 2,500 crore in 2021 through debt instruments and bank funding.

The MD of Sundaram Home Finance, Lakshminarayanan Duraiswamy, said that the second wave of the Covid-19 pandemic caused uncertainty throughout the quarter though, the relaxation of the lockdown in June in most of the states led to a partial growth in the real estate demand at the end of the first quarter.

He also said that the disbursements made in Q1 were driven by mid-market segments, mostly of salaried classes in II and III tier towns.

The company is positive about the growth prospects for the rest of the year, leaving behind the worst, he said.

Sundaram Home Finance is a leading firm in the housing finance industry, which has 107 branches in the country. The company provides home and plot loans, home improvement, and loans against property, among others.

Image Source


Also read: Telangana plans to raise Rs 3,000 cr via layout regularisation scheme

Sundaram Home Finance has reported a net profit of Rs 40.04 crore in Q1 FY22 against its profit of Rs 33.94 crore in the corresponding quarter of the previous year. The company made disbursements of Rs 249.27 crore in the first quarter (Q1) of FY22, compared to Rs 99.98 crore in the same quarter of the last fiscal year. According to a statement, the company plans for fund growth to raise Rs 2,500 crore in 2021 through debt instruments and bank funding. The MD of Sundaram Home Finance, Lakshminarayanan Duraiswamy, said that the second wave of the Covid-19 pandemic caused uncertainty throughout the quarter though, the relaxation of the lockdown in June in most of the states led to a partial growth in the real estate demand at the end of the first quarter. He also said that the disbursements made in Q1 were driven by mid-market segments, mostly of salaried classes in II and III tier towns. The company is positive about the growth prospects for the rest of the year, leaving behind the worst, he said. Sundaram Home Finance is a leading firm in the housing finance industry, which has 107 branches in the country. The company provides home and plot loans, home improvement, and loans against property, among others. Image Source Also read: Telangana plans to raise Rs 3,000 cr via layout regularisation scheme

Next Story
Equipment

Godrej Material Handling Leads East India with 21% Market Share

The Material Handling business of Godrej & Boyce, a part of Godrej Enterprises Group, is powering industrial growth in Eastern India marking over 60 per cent Y-o-Y growth in the Jamshedpur region for FY25. Solidifying its market leadership, the business commands a dominant 21 per cent market share in the Eastern region, serving as a crucial enabler for the region’s manufacturing sector. At the Indomach Expo in Jamshedpur, the business is showcasing its next-generation forklift to meet evolving needs of Eastern India’s industrial corridor. Jamshedpur, Eastern India’s industrial po..

Next Story
Equipment

Mecbo America Launches Scorpion Concrete Crawler Boom

Mecbo America, a division of Blastcrete Equipment LLC, brings a new product to its lineup: the Scorpion Concrete Crawler Boom. The Scorpion provides contractors working in piling, drilling, tunnelling or commercial construction with a flexible arm for placing concrete where needed without disrupting the jobsite. It is an economical enhancement for contractors who have a concrete pump but need an effective way to deftly move material to spots that are difficult or unsafe to reach using other methods.“As concrete contractors grow and the scope of their work changes, many recognize the need for..

Next Story
Infrastructure Urban

REC Flags off Mobile Medical Units Funded in Punjab

REC Limited, a Maharatna CPSE under the Ministry of Power and a leading NBFC, under its flagship CSR initiative Mobile Medical Units has committed Rs 42.9 million for the procurement and deployment of four Mobile Medical Units (MMUs) in 4 districts of Punjab. These units, handed over to the Indian Red Cross Society, Punjab, were flagged off by Hon’ble Governor Shri Gulab Chand Kataria Ji at Punjab Raj Bhawan.Serving as a lifeline for deprived communities, the MMUs will provide essential healthcare across four districts. REC Foundation continues to expand its CSR footprint, with various Mobil..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?