Sundaram House Finance has reported a decrease internet revenue of ₹44 crore for the second quarter ended September 30, 2024, in comparison with ₹59 crore within the year-ago interval.
Nonetheless, disbursements for Q2 2024 rose by 27 per cent , to ₹1,543 crore from .₹1,214 crore. The corporate’s Belongings Beneath Administration (AUM) elevated by 14 per cent and stood at ₹13,888 crore as of September 30, 2024, up from ₹12,182 crore a 12 months earlier.
For the primary half 12 months ended September 30, 2024, it posted a internet revenue of ₹111 crore, barely down from ₹117 crore within the first half of the earlier 12 months. Disbursements rose 25 per cent , reaching ₹2,896 crore in comparison with ₹2,317 crore in the identical interval final 12 months.
Our sturdy disbursement development was pushed by continued growth into Tier 2 and three cities, each within the South and past. The Rising Enterprise section additionally carried out properly for us in Q2, stated D Lakshminarayanan, Managing Director of Sundaram House Finance.
The corporate’s newly launched Rising Enterprise section, specializing in small enterprise loans and reasonably priced housing finance, disbursed .₹42 crore throughout the second quarter of 2024.
New branches
Within the second quarter, SHF continued to broaden its footprint outdoors South India by opening new branches in Pune, Maharashtra, and Indore, Madhya Pradesh, additional strengthening its presence in these states. It additionally grew its attain in Tier 2 cities in South India with a brand new department in Belgaum, Karnataka.
To assist its growth efforts, Sundaram House Finance employed over 300 workers throughout the first half of 2024. The corporate plans to proceed exploring development alternatives outdoors the South whereas consolidating its presence inside the area.
Trying forward, Lakshminarayanan expressed confidence in sustaining this development trajectory within the second half of the 12 months, citing elements corresponding to affordability, financial development in smaller cities, and new department openings outdoors the Southern market. “We’re additionally hopeful of increasing our presence within the newly launched Rising Enterprise section and establishing a strong base in reasonably priced housing financing,” he added.
