Sundaram Home Finance seeks to raise Rs 2,500 cr to fund growt plans
Sundaram Home Finance Ltd, the subsidiary of non-banking finance company Sundaram Finance Ltd, reported a net profit at Rs 40.04 crore for the quarter ending June 30, 2021, the company said on Wednesday. The city-based company had registered net profits at Rs 33.94 crore during correpsonding quarter previous year, Sundaram Home Finance said in a statement. The company had made disbursements of Rs 249.27 crore for the quarter under review as compared to Rs 99.98 crore in same quarter last fiscal.
The company to fund its growth plans was also looking to raise Rs 2,500 crore this year through a mix of debt instruments and bank funding, the statement said. “The second wave of COVID-19 led to an uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1”, company MD Lakshminarayanan Duraiswamy said on the financial performance. “The disbursements in Q1 were driven by mid market segments, especially the salaried class, in tier II and III towns”, he added.
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On the outlook for the year, he said, “..we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us”. Sundaram Home Finance is a leading player in the housing finance sector and has 107 branches across the country. It provides home loans, plot loans, home improvement and loans against property among others.