Understanding the Growth: How AI Legalese Decoder Facilitates Deeper Analysis of Sundaram Finance’s Q1FY24 Financial Reports
- August 11, 2023
- Posted by: legaleseblogger
- Category: Related News
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Sundaram Finance Ltd (SFL) Reports 25% Increase in Net Profit for Q1 FY’24
City-based Sundaram Finance Ltd (SFL) has announced that its net profit for the first quarter of fiscal year 2024 has increased by 25%, reaching Rs 281 crore. This growth can be attributed to a 32% increase in disbursements compared to the corresponding period last year.
The Board of Directors of SFL approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2023. According to the company’s release, the assets under management grew by 22%, net stage 3 assets closed at 1%, and the profit after tax recorded a 25% growth compared to the previous year. In the same period last year, the company had a net profit of Rs 226 crore. SFL’s group companies in asset management, general insurance, and home finance also achieved significant growth and strong results. Executive Vice Chairman Harsha Viji emphasized the company’s focus on steady and sustainable growth with high-quality assets and consistent profitability.
The increase in disbursements for Q1 FY’24 amounted to Rs 6,489 crore, representing a growth of 32% compared to Q1 FY’23. This growth was observed across all asset classes and geographies.
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