21 , May , 2020
Chennai: Sundaram Home Finance, subsidiary of city-based non-banking finance Sundaram Finance Ltd, reported Rs 218 crore net profit for the year ended March 31, 2020, which includes a one-time exceptional item of Rs 60 crore on account of write back of deferred tax liability. During the corresponding quarter in the previous year, the company made a net profit of Rs 26 crore. The company registered the net profit of Rs. 82 crores for fourth quarter ended March 31, 2020.
"Following the one-time exceptional item, the net profits of the company are not comparable on a like to like basis", Sundaram Home Finance said in a statement. On growth of deposits, the company said it witnessed about 35 per cent jump at Rs 1,605 crore as on March 31, 2020. The company registered disbursements of Rs 2,113 crore for year ending March 31, 2020 as against Rs 2,449 crore registered in the previous year. Commenting on the outlook, company Managing Director Lakshminarayanan Duraiswamy said, it is one of 'cautious optimism'.
He further added, "Housing market remains under penetrated in India. With funding support from government, the market will continue to grow in the longer term. However, in the next couple of quarters, we believe that the market will remain muted. We expect tier II and III towns to recover faster than urban areas.”
