Sundaram Finance records FY2017-18 net at Rs 532.95 Cr
Non Banking Finance Company Sundaram Finance Ltd has clocked net profits of Rs 532.95 crore for the financial year ending March 31, 2018.
The city-based company had recorded net profits of Rs 460.57 crore during the corresponding period last year.
The net profits registered is after the effects of demerger of the non-financial services investments into Sundaram Finance Holdings Ltd last year, a company statement said.
The company for the fourth quarter ending March 31, 2018 recorded net profits of Rs 131 crore against Rs 139 crore in the corresponding quarter last year.
However, the figures are not comparable as the demerger of the non-financial services investments of Sundaram Finance Ltd into Sundaram Finance Holdings Ltd came into effect in the fourth quarter of 2017-18, the statement said.
Total disbursements for the year ending March 31, 2018 grew to Rs 15,632 crore from Rs 13,196 crore recorded last year.
The Gross NPA as on March 31, 2018 stood at 1.29 per cent as against 1.54 per cent as on March 31, 2017.
Net NPA was 0.50 per cent as on March 31, 2018 against 0.55 per cent recorded on March 31, 2017.
During the year under review, Sundaram Finance mobilised fresh deposits aggregating to Rs 450.53 crore with renewal registering almost 80 per cent. Deposits outstanding as on March 31, 2018 stood at Rs 2,499.33 crore, the statement said.
"Notwithstanding the disruptions faced by the automotive sector in the first half of the financial year (2017-18), we were able to achieve a strong growth in disbursements of 18 per cent as we deepened our presence in newer geographical areas", company Managing Director, T T Srinivasaraghavan said.
"As always, the focus has been on growth, quality and profitability", he said.
In FY 2017-18, the company raised term funding of Rs 5,545 crore across various tenors from banks, mutual funds, insurance companies and in forms of non-convertible debentures.
For the 2018-19 fiscal, the company expects to raise Rs 10,000 crore through a mix of various debt instruments and securitisation to fund business growth.
"While concentrating on our core market and product segments, we see significant opportunities in the construction equipment, light commercial vehicle and tractor segments", the MD said.
The Board of Directors at its meeting yesterday recommended a final dividend of Rs seven per share, taking the total dividend for the year 2017-18 to Rs 12 per share, including interim dividend of Rs five per share.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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