Chennai, Feb 3 (PTI) Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance, has reported a net profit at Rs 62.28 crore, upby 18 per cent for the October-December 2023 quarter, the company said.

The city-headquartered company had registered a net profit of Rs 52.57 crore during the corresponding quarter of last year.

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Disbursements made during the quarter under review went up by 27 per cent to Rs 1,252 crore, as compared to Rs 986 crore registered in the year ago period.

Net profits for the nine-month period ending December 31, 2023 rose by 19 per cent to Rs 179.03 crore, from Rs 150.12 crore registered in the same period of last year.

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For the nine month period ending December 31, 2023 the disbursements also grew by 29 per cent to Rs 3,569 crore, from Rs 2,760 crore registered in the same period of last year.

The total assets under management as on December 31, 2023 was at Rs 12,800 crore. Sundaram Home Finance recruited over 500 people in the first nine month period ending December 31, 2023.

"Tier II and III towns in the southern market remained strong in the first nine months of the year and continued to drive our disbursements growth. We opened over 20 branches in the smaller towns in the first nine months and will continue to expand in these geographies, going forward," Sundaram Home Finance MD, Lakshminarayanan Duraiswamy said.

The company which forayed into the small business loans segment opened 30 exclusive branches and recorded disbursements of over Rs 90 crore.

Sundaram Home Finance was also looking to open another 20 branches in Tamil Nadu and Telangana in the near term, under the small business loans segment.

The company is foraying into the affordable housing segment and plans to open up 10 branches in Tamil Nadu and hire 75 people for this segment in the initial phase, the company said.

On the outlook, Lakshminarayanan Duraiswamy said, "we are continuing to see strong end-user demand and believe that this will remain strong in the near to medium term. Also, we expect smaller towns to register faster growth on the back of infrastructure development, thrust on housing and expansion of the SME segment."

"With our growing network in the Tier 3 and 4 towns, we are confident of leveraging this opportunity, both in the home finance space as well as the small business loans segment", he added.

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