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Sundaram Home Finance reported a net profit of INR 57 crore for the January-March 2024 quarter, down from INR 65 crore in the same period last year. However, for the full fiscal year 2023-24, net profits grew to INR 236 crore from INR 215 crore the previous year. Disbursements in Q4 rose 20% to INR 1,469 crore, and overall disbursements crossed INR 5,000 crore for FY24, up 27%. Assets Under Management increased to INR 13,812 crore as of March 31, 2024, from INR 11,180 crore a year ago. The company expanded its branch network to 150 and hired over 400 employees during the year.
Sundaram Home Finance, the wholly-owned subsidiary of Sundaram Finance has announced its financial performance for the fourth quarter and full fiscal year ending March 31, 2024. The company reported a net profit of INR 57 crore for the January-March 2024 quarter, down from INR 65 crore in the corresponding quarter of the previous year. However, for the entire fiscal year 2023-24, the net profits grew to INR 236 crore, an increase from INR 215 crore in the previous financial year. Advertisement
The company's disbursements during the fourth quarter witnessed a 20% year-over-year growth, reaching INR 1,469 crore, compared to INR 1,222 crore in the same period last year. Notably, the overall disbursements for the fiscal year 2023-24 surpassed the INR 5,000 crore milestone, totaling INR 5,039 crore, a significant 27% increase from the INR 3,978 crore disbursements made in the previous financial year.
Sundaram Home Finance's Assets Under Management (AUM) also saw a substantial rise, reaching INR 13,812 crore as of March 31, 2024, compared to INR 11,180 crore on March 31, 2023. Lakshminarayanan Duraiswamy, Managing Director of the company stated that it attributed the successful year to the consistent demand from home buyers in the real estate segment. He highlighted the company's growing branch network, penetration into smaller towns, and solid contributions from Tier II and III towns in the South, as well as Madhya Pradesh and Rajasthan. These key factors enabled the significant milestone of surpassing INR 5,000 crore in disbursements during FY24.
Sundaram Home Finance opened over 20 new branches last year, taking its overall network to 150 branches across the country. The company also strengthened its workforce by hiring over 400 people during the fiscal year 2023-24. Sundaram Home Finance's financial performance for the fiscal year 2023-24 reflects a strong growth trajectory, driven by robust demand in the real estate sector, strategic expansion into new markets, and a commitment to enhancing its branch network and human resources.
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