Sundaram Home Finance, the wholly owned subsidiary of Sundaram Finance Ltd, would continue to pivot around self-employed customer segments as part of its growth strategy, a top official said on Wednesday.
The city-based company reported a 21.4 per cent rise on its net profit for the April-June 2023 quarter at Rs 57.42 crore, from Rs 47.26 crore registered in the corresponding period of last year.
Disbursements made during the quarter under review grew by 38.6 per cent to Rs 1,103.51 crore from Rs 795.69 crore registered in the corresponding period of last year.
“The growth in disbursements has been driven by our focus on expanding into remote towns in South India,” company Managing Director Lakshminarayanan Duraiswamy said.
“Tier two and three towns are growing at a fast clip and we see this trend continuing in the near term. Over the last 12 months, we have opened up branches in a number of new locations. Our growth strategy will be to continue to pivot around self-employed customer segments and smaller towns,” he said on the company’s outlook.
During the quarter ended June 30, 2023 the company opened eight new branches in Tier II and III towns, the company said.
