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Systematix Research Report
Sundaram Finance Ltd. pioneered vehicle finance in India and has built a diversified vehicle finance book over the last six decades.
Non-South geographies and non-commercial vehicle plays into tractors and construction equipment offer risk diversification and help the company counter cyclicality.
We expect the company to post stable spreads of 4.7% over FY22E-24E based on its strong pricing power.
With stable opex, we model ~1.9% opex-to-average assets ratio for Sundaram Finance over FY22-24E and an ability to raise liabilities at competitive pricing.
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