Sundaram Home Finance Ltd, a subsidiary of Sundaram Finance Ltd, achieved a net profit of Rs 40.04 crore for the quarter ended June 30, 2021, the company announced on Wednesday. Sundaram Home Finance, situated in Chennai, reported net gains of Rs 33.94 crore in the preceding quarter of the previous year, according to a statement.
For the quarter under review, the company disbursed Rs 249.27 crore, compared to Rs 99.98 crore in the previous fiscal quarter.
According to the statement, the company was hoping to raise Rs 2,500 crore this year using a combination of debt instruments and bank borrowing to fund its expansion goals.
“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.
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.