Sundaram Finance Holdings Sees 173% Profit Surge in Q1 2024

Sundaram Finance Holdings Ltd reported a 173% increase in consolidated net profits to Rs 269.32 crore for Q1 2024. For the fiscal year ending March 31, 2024, profits rose by 125% to Rs 533 crore. The Board recommended a final dividend of Rs 2.05 per share.

Sundaram Finance Holdings Ltd, a part of the TSF Group, has registered a 173 per cent rise in its consolidated net profits for the March 2024 quarter, at Rs 269.32 crore.

The city-based company had recorded a consolidated net profit of Rs 98.62 crore during the corresponding quarter last year.

For the year ending March 31, 2024, the consolidated net profits grew by 125 per cent to Rs 533 crore, from Rs 237 crore a year ago, Sundaram Finance Holdings said in a statement here on Wednesday.

The Board of Directors has recommended a final dividend of Rs 2.05 per share (41 per cent) for FY23-24. This together with the interim dividends aggregated to Rs 7.70 per share (154 per cent) for FY23-24.

Sundaram Finance Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbochargers, and axles.

The dividend from portfolio companies forms a substantial part of the financial results. Dividend received from portfolio companies was Rs 160.40 crore for the year ending March 31, 2024, as against a total dividend of Rs 97.43 crore in FY2022-23, the statement added.