Sundaram Finance net up 60% to Rs 209 crore

The property beneath the administration stood at Rs 30,882 crore as on March 31, 2021, as in opposition to Rs 29,936 crore, representing progress of three%.

Sundaram Finance on Friday registered a 60% rise in web revenue to Rs 209 crore for the fourth quarter in opposition to Rs 131 crore in This fall FY20.

The disbursements recorded 13% progress to Rs 3,305 crore as in comparison with Rs 2,930 crore registered within the corresponding quarter of the earlier yr.

The property beneath the administration stood at Rs 30,882 crore as on March 31, 2021, as in opposition to Rs 29,936 crore, representing progress of three%.

Govt vice-chairman Harsha Viji stated, “Whereas the primary quarter of final yr was nearly a whole washout because of the nationwide lockdown in response to the Covid-19 pandemic, we noticed a robust restoration within the second half led by the tractor, tipper and development tools segments.”

“Our double-digit disbursements progress in fourth quarter is a transparent indication that we have been seeing enterprise coming again to the pre-Covid ranges.”Its gross NPA and web NPA stood at 2.28% and 1.35%, respectively, in comparison with 2.77% and 1.92%, respectively. The price to revenue closed at 31.8% in Q4FY21 as in opposition to 34.9% in Q4FY20.On the outlook for the yr, Rajiv Lochan, MD, Sundaram Finance, stated, “We had deliberate for the expansion momentum of the fourth quarter to proceed into this yr, however the depth of the second wave and ensuing lockdowns have created uncertainty within the surroundings, with our fast focus being on the security of our workers and prospects.”The board of the corporate has advisable a last dividend of Rs 6 per share (60%) on the fairness shares of the corporate topic to the approval of shareholders on the ensuing annual common assembly. This was along with Rs 12 per share (120%) interim dividend for FY21 declared on January 20,  2021.