Centrum Broking: Sundaram Finance - Business Bouncing Back In Q2; Funding Cost Improving
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Centum Broking Report
Sundaram Finance Ltd. earnings were ahead of estimates led by better net interest margin and lower opex.
Net interest income at Rs 3.9 billion was a beat while loan growth was a bit higher led by strong disbursements which reached 83% of Q2 FY20 levels.
Light commercial vehicle, intermediate commercial vehicle, cars, construction equipment and tractors saw healthy traction. Repayments were 61% of a year ago levels (est. 50%).
Net interest margin and lower opex led a pre-provision operating profit beat.
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