Sundaram Home Finance is a wholly owned subsidiary of Sundaram Finance. It reported a net profit of Rs 57 crore for the fourth quarter of 2024. The headquarters registered a net worth of Rs 65 crore for last year’s Q4. The net profit went from Rs 216 crore in 2023 to Rs 236 crore on March 31.
ET reported that disbursements made during this quarter went up by 20% as compared to last year. By the end of March 31, 2024, the overall DB had breached the Rs 5000 crore milestone, totaling Rs 5,039 crore. The rise was 27% compared to last financial year. Compared to last year, the AUM also went up to Rs 13,812 crore on March 31, 2024. Managing Director of Sundaram Home Finance, Laksgminarayan Duraiswamy, said 2024 has been a good year for the company. With consistent demand and home buyers, the real estate segment has driven the growth of their new branch network and penetration into small towns.
The company also mentioned that the strong growth momentum in tier 1 and 2 towns in the South and contribution from Madhya Pradesh and Rajasthan were the biggest factors for achieving Rs 5,000 crore in disbursement in FY24. Last year, the company opened over 20 new branches, including Kamareddy, Sathupalli, Kompally, and Sangareddy in Telangana, Rajapalayam, Marthandam, and Tiruppur in TN, Jodhpur, Ajmer and spreading the overall network to 150 across the country. They hired over 400+ employees in FY24 and focused on the continuous expansion in the market.
The company focuses on going deeper into small towns and exploring tier-4 towns in South India. They are expecting these new locations to expand more. According to a report by ET, the company has opened over 30 exclusive SBL branches in Tamil Nadu with disbursements of more than Rs 125 crore. The company is registered with the Reserve Bank of India and is a prominent member of the TSF group.
Conclusion
Sundaram Home Finance is a subsidiary wholly owned by Sundaram Finance. They reported a net profit of Rs 57 crore for the fourth quarter of 2024. The headquarters registered net worth for last year Q4 was Rs 65 crore. The company focuses on going deeper into small towns and exploring tier-4 cities in South India. Disbursements made during this quarter went up by 20% as compared to last year. By the end of March 31, 2024, the overall DB had breached the Rs 5000 crore milestone, totaling Rs 5,039 crore.
The rise was 27% compared to last financial year. In comparison to last year, the AUM also went up to Rs 13,812 crore on March 31, 2024. The rise was 27% compared to last financial year. Last year, the company opened over 20 new branches, including Kamareddy, Sathupalli, Kompally, and Sangareddy in Telangana, Rajapalayam, Marthandam, and Tiruppur in TN, Jodhpur, Ajmer and spreading the overall network to 150 across the country. The net profit for the year ending March 2024 rose from Rs 216 crore in 2023 to Rs 236 crore.
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