Net profit of Sundaram Finance rose 0.12% to Rs 187.09 crore in the quarter ended September 2019 as against Rs 186.87 crore during the previous quarter ended September 2018. Sales declined 50.93% to Rs 1049.24 crore in the quarter ended September 2019 as against Rs 2138.12 crore during the previous quarter ended September 2018.

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Net profit of Sundaram Finance rose 74.32% to Rs 269.00 crore in the quarter ended September 2019 as against Rs 154.31 crore during the previous quarter ended September 2018. Sales rose 21.65% to Rs 993.67 crore in the quarter ended September 2019 as against Rs 816.85 crore during the previous quarter ended September 2018.

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The Q2 September 2019 net profit, however, includes a one-time income of Rs 53 crore and the benefit of lower corporate tax, Sundaram Finance said. Hence, on a like to like comparison, net profit rose 25% to Rs 192 crore in Q2 September 2019 over Q2 September 2018.

The assets under management as on 30 September 2019 were Rs 30,256 crore as against Rs 27,228 crore registered same period the last fiscal.

The result was declared before market hours today, 12 November 2019. Stock markets are closed today on account of Gurunanak Jayanti. Shares of Sundaram Finance rose 1.69% to settle at Rs 1,595.60 yesterday, 11 November 2019.

Set up in 1954, the Sundaram Finance Group's services include financing for the entire range of commercial vehicles, passenger cars and construction equipment, as well as specially designed working capital products such as fuel finance and tyre finance. The company is also into home loans, mutual funds, non-life insurance, IT, BPO and distribution of a wide range of financial products and services.

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Sundaram Finance will hold a meeting of the Board of Directors of the Company on 11 November 2019.

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