Sundaram Finance increases its net profit

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Chennai, Oct 28 (UNI) Despite a slowdown in the Commercial Vehicle(CV) segment and overall unfavourable market conditions, city-based Non Banking Finance Company(NBFC) Sundaram Finance Ltd., a strong player in the CV and Car Finance segments, had registered a 16.9 per cent jump in Net Profit for the first half-year ended 30th September, 2008.

The Net Profit for the first half (April-September) rose to Rs 69.72 crore, as compared to Rs 59.64 crore registered in the same half last year, a company release said here today.

The income from operations for first half-year grew by 26.12 per cent to Rs 503.13 crore from Rs 398.92 crore registered in the same period last year, it said.

Last month, the company announced an upward revision in interest rates on fixed and cumulative deposits. The company, which has around 2.5 lakh depositors, has the largest retail-base of deposits amongst NBFCs in India with total deposits aggregating over Rs 800 crores, it said.

Sundaram Finance Group's services, included financing CVs, cars and construction equipment, working capital products such as fuel finance and tyre finance, home loans, mutual funds, non-life insurance, IT and BPO and distribution of a wide-range of financial products and services.

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