Sundaram Fin profit rises 16% on strong disbursals

SUNDARAM FINANCE ON Monday reported a 16% year-on-year rise in its standalone net profit for the second quarter at 394.2 crore, driven by higher disbursements during the festive season.

- FE BUREAU

The NBFC reported an 18% increase in revenue from operations to %1,615 crore. Disbursements grew 18% to 8,113 crore, from %6,860 crore in the year-ago period. Net interest income rose 21% to 822 crore.

“The festival period has been strong,” MD Rajiv Lochan said, adding that the company expects the impact of GST 2.0 on consumption to be buoyant, rural demand to improve after a healthy monsoon, and private sector capex to pick up in the coming quarters. “Consequently, our post-festival outlook for Q3 and H2 is optimistic.”