Sundaram Home Finance reports Q4 net at Rs 82 cr; deposits grow 35% to Rs 1,605 cr

Chennai: Sundaram Home Finance, subsidiary of city-based non-banking finance Sundaram Finance Ltd, on Wednesday reported Rs 82 crore net profit for the fourth quarter ending 31 March 2020.

During the corresponding quarter in the previous year, the company made a net profit of Rs 26 crore.

For the year ending 31 March, the company registered net profit of Rs 218 crore, including a one-time exceptional item of Rs 60 crore on account of write back of deferred tax liability.

Representational image. Reuters

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The company had registered net profits of Rs 145 crore in the previous fiscal.

"Following the one-time exceptional item, the net profits of the company are not comparable on a like to like basis", Sundaram Home Finance said in a statement.

On growth of deposits, the company said it witnessed about 35 percent jump at Rs 1,605 crore as on 31 March 2020.

The company registered disbursements of Rs 2,113 crore for year ending 31 March 2020 as against Rs 2,449 crore registered in the previous year.

Commenting on the outlook, company Managing Director Lakshminarayanan Duraiswamy said, it is one of ''cautious optimism''.

"Housing market remains under penetrated in India. With funding support from government, the market will continue to grow in the longer term," he said.

"However, in the next couple of quarters, we believe that the market will remain muted. We expect tier II and III towns to recover faster than urban areas", he said.