Sundaram Finance Maintains Profits Amid Economic Strains

Sundaram Finance Ltd reported a profit of Rs 340.09 crore for Q2 2024, a slight decrease from Rs 366.38 crore the previous year. Total revenue increased, with assets under management growing by 20%. The company remains optimistic about a recovery in economic activity in the upcoming half-year.

Non-banking finance company Sundaram Finance Ltd announced a slimmer profit margin for the July-September 2024 quarter at Rs 340.09 crore, compared to Rs 366.38 crore from the same period last year.

Despite a steady outcome for the six months leading to September 30, 2024, with a profit after tax of Rs 647.74 crore, growth was tempered by reduced dividend income, totaling Rs 43 crore versus Rs 181 crore from the previous year.

The company showcased a robust 20% growth in assets under management, totaling Rs 48,058 crore. With optimism for a resurgence in domestic consumption and private sector investments, Sundaram anticipates economic improvements in the upcoming quarters.

(With inputs from agencies.)