Sundaram Finance net at ₹131 crore

Sundaram Finance Ltd. (SFL) has registered a net profit of ₹130.89 crore for the fourth quarter ended March 2020. The firm had recorded a net profit of ₹675 crore a year earlier.

The net profit of the previous year included a one-time income of ₹522 crore on account of sale of shares in Royal Sundaram. Hence, the profit numbers are not comparable on a like-to-like basis, the company said in a statement. For the period under review, revenue from operations rose 7% to ₹942 crore. The board recommended a final dividend of ₹3 a share.

“We live in a time of great uncertainty and the overall outlook for the economy is not promising. The first half of the year is likely to be muted, but a major thrust on infrastructure spending and a favourable monsoon could revive sentiment in the later part of the year,” said T.T. Srinivasaraghavan, MD, Sundaram Finance. For the full year, gross receivables stood at ₹35,088 crore against ₹33,447 crore.

The company named Rajiv C. Lochan as director, strategy with effect from June 3,2020. For the last few years, he had been an independent director of SFL. He has two decades of experience in the field of management, especially in the areas of finance, social sector, and public health.