Non-banking finance company Sundaram Finance Ltd (SFL) has registered a 45 per cent rise in net profit at Rs 242 crore for the quarter ended December 31, 2020, from Rs 167 crore in the corresponding period last year. Disbursements during the quarter under review rose 8.5 per cent to Rs 4,307 crore, from Rs 3,968 crore a year ago. Net income for Q3FY21 went up by around seven per cent to Rs 1,045 crore from Rs 976 crore in the same period last year. Assets under Management stood at Rs 31,226 crore as on December 31, 2020 compared to Rs 30,502 crore a year ago. Net NPA (Stage III) stood at 1.59 per cent (2.79 per cent) as on December 31, 2020.
SFL Q3 net profit rises 45% on business revival
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Non-banking finance company (NBFC) Sundaram Finance Ltd. has registered a 45% increase in net profit for the quarter ended December 2020 to ₹242 crore due to an uptick in most of its business segments.
During the quarter under review, disbursements went up by 8.5% to ₹4,307 crore, while net income rose 7% to ₹1,045 crore. Deposit base rose to ₹4,112 crore from ₹3,722 crore. Assets under management increased to ₹31,226 crore from ₹30,502 crore, the company said in a statement.
Net NPA (stage III) contracted to 1.59% from 2.79%. In keeping with a Supreme Court order, the NBFC did not classify loan accounts under moratorium as non-performing assets.
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Every proposal that Finance Minister Nirmala Sitharaman announced in her Budget will have long-term repercussions and some stocks are better positioned to benefit from them, analysts said.
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The board of directors of the $8.5 billion TVS Group s holding companies have approved the so-called memorandum of family arrangement (MFA) between various members of the TVS family. Present shareholders of the holding companies primarily consist of third and fourth generation family members of TVS Group founder T V Sundaram Iyengar. The group currently has over 50 companies that have been traditionally managed by members of different branches of the TVS family. Over the time, various members of the TVS family felt that the ownership of shares in various businesses should align with the management of respective businesses. The arrangement according to the MFA is envisioned to bring about amity and maintain goodwill among members of the TVS family. Family members said this will preserve memories of TV Sundaram Iyengar.
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