Non-banking financial company Sundaram Finance Ltd. reported a strong set of earnings for the June quarter, led by healthy growth in profit and income.
Consolidated net profit rose 33.9% year-on-year to Rs 636 crore from Rs 475 crore in the corresponding quarter last year.
Total income increased 12.7% to Rs 2,653 crore during the quarter, compared with Rs 2,353 crore a year ago.
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On the bourses, Sundaram Finance shares surged after Q1 results. At 2:37 pm, the stock was trading 2.83% higher at 4793.35 per share. By comparison, BSE Sensex was trading at 78,753, up 0.84%
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Sundaram Finance Ltd. is one of India's oldest non-banking financial companies (NBFCs).
Founded in 1954 by T.S. Santhanam and headquartered in Chennai, the company primarily provides financing for commercial vehicles, passenger vehicles and construction equipment, besides offering fixed deposits and other financial services. It is classified as a systemically important deposit-taking NBFC by the Reserve Bank of India.
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