Sundaram Finance records 59.5% jump to Rs 209 cr in Q4 profit after tax

: Non-Banking Finance Company

Sundaram Finance Ltd has reported a 59.5 per cent jump on its fourth quarter Profit After Tax at Rs 209 crore.

Sundaram Finance had registered consolidated PAT at Rs 131 crore during corresponding the quarter last year.

For the year ending March 2021, the company registered a profit after tax at Rs 809 crore compared to Rs 724 crore in the same period last year.

"Excluding the one-time gain of Rs 53 crore (on sale of equity shares in Sundaram Finance Holdings Ltd) in FY20, net profit grew by 21 per cent on a like to like basis", the city based company said in a statement on Friday.

Disbursements for the quarter under review grew to Rs 3,305 crore from Rs 2,930 crore registered in the same quarter last year.

For the year ending March 31, 2021 the company made disbursements of Rs 11,742 crore against Rs 15,175 crore in FY20.

Commenting on the financial performance, Sundaram Finance Ltd executive vice-chairman Harsha Viji said, "while the first quarter of the year was almost a complete washout in response to the COVID-19 pandemic, we saw a strong recovery in the second half, led by the tractor, tipper and construction equipment segments."

On the outlook for the year, company Managing Director Rajiv Lochan said "We had planned for the growth momentum of the fourth quarter to continue into this year, but the intensity of the second wave and ensuing lockdowns have created uncertainty in the environment."

"Given our learnings over the past year and our investments in technology and digitization, we are ready to tackle the challenges created by the pandemic as activity resumes.

We remain resolute in our customer-centric mission and in striking a prudent balance across growth, quality and profitability", he said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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