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ICICI Securities Report
Sundaram Finance Ltd.'s Q1 FY23 result was highlighted by growth returning in standalone business (31%/138% QoQ/YoY growth in disbursement).
Commentary around market share gain and continuous focus in that direction are positives.
Among subsidiaries, Sundaram Home reported strong 5%/2.5% QoQ growth in pre-provision operating profit/assets under management but mark to market losses impacted insurance and 9% QoQ AUM decline led to muted asset management company performance.
Risks involve lower-than-anticipated growth and higher than expected credit cost leading to compression in return on equities.
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