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Sundaram Home Finance profit at Rs 82 crore
The Hindu  |  May 22, 2020


Sundaram Home Finance has registered a net profit of Rs. 82 crore for the fourth quarter ended March 2020 that included a one-time exceptional item of Rs 60 crore on account of write back of deferred tax liability.


In the previous comparable quarter, the company had posted a net profit of Rs 26 crore. Hence, the net profit for the two quarters is not comparable on a like-to-like basis, the company said in a statement.


During the period under review, the company’s deposits grew over 35% and stood at Rs 1,605 crore, with a net accretion of over Rs 430 crore.


For FY20, Sundaram Home Finance posted net profit of Rs 218 crore (Rs 145 crore) and disbursed Rs 2,113 crore (Rs 2,449 crore).


“The outlook is one of cautious optimism. Housing market remains under penetrated in India. With funding support from the government, the market will continue to grow in the longer term. However, in the next couple of quarters, we believe that the market will remain muted. We expect tier-2 and tier-3 towns to recover faster than the urban areas,” said Lakshminarayanan Duraiswamy, managing director, Sundaram Home Finance.