Sundaram Finance registers 35% growth in net profit

Chennai, May 27 (UNI) In a year marked by a slowdown in the commercial vehicle segment, leading city-based Non-Banking Finance Company (NBFC) and a strong player in the Commercial Vehicle and Car Finance segments, Sundaram Finance Limited (SFL) has reported a Net Profit of Rs 212.55 crore for the year ended March 31, 2008, including a one time profit on the sale of shares in Sundaram Home Finance Limited.

The Net Profit figures for 2007-08 and 2006-07 were not comparable as a result of this one time income.

Net Profit from continuing operations - excluding the one time profit of Rs 76.82 crore for the year ended March 31, 2008, was Rs 135.73 crore, up 35 per cent from Rs 100.47 crore for the year ended March 2007, company Managing Director T T Srinivasaraghavan told newspersons here today.

''Sundaram Finance also reported another significant milestone in its growth path. The company's Net worth crossed Rs 1,000 crore during the year 2007-08 and stood at Rs 1,043 crore as on March 31, 2008,'' he added.

The disbursements for the year ended March 31, 2008, stood at Rs 5,109 crore, up 16 per cent from Rs 4,386 crore for the year ended March 31, 2007.

Capital Adequacy at 14.20 per cent as on March 31, 2008, was well above the statutory requirement of 12 per cent. Net NPA as on March 31, 2008, stood at 0.49 per cent as against 0.54 per cent in the previous year.

UNI SNR SJ 1631