Sundaram Finance Q1 Review - In-Line Performance; Asset Quality Stress To Be Transient: Nirmal Bang
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Nirmal Bang Report
Sundaram Finance Ltd. reported profit after tax of Rs 1.9 billion, up 15.6% YoY but down 8.4% QoQ.
The YoY increase in profit after tax was supported by-
decline in the cost of funds, which was down 116 basis points YoY at 6.5% and
lower cost-to-income ratio, decline of 280 bps YoY to 31.9%.
However, the sequential decline in profit after tax was largely due to low other income.
Sundaram Finance reported disbursements of Rs 20.6 billion (up 1.2 times YoY but down 37.7% QoQ) due to the second Covid-19 wave led disruptions.
Assets under management at Rs 298 billion was up 0.8% YoY but down 3.4% QoQ.
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