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Sundaram Home Finance has reported a net profit of ₹40.04 crore for the quarter ended June 30, 2021 compared to a net profit of ₹33.94 crore in the year-ago quarter.
Its disbursements stood at ₹249.27 crore for the first quarter of this fiscal as compared to ₹99.98 crore in the year-ago quarter, according to a statement.
“The second wave of Covid led to an uncertainty during the quarter, but relaxation of lockdown in most States in June led to a partial bounce back in demand in the real estate space towards the end of Q1. The disbursements in Q1 were driven by mid-market segments, especially the salaried class, in Tier 2 and 3 towns,” said Lakshminarayanan D, Managing Director, Sundaram Home Finance Ltd.
To fund its growth plans, the company is looking to raise ₹2,500 crore this year through a mix of debt instruments and bank funding.
“While the longer-term outlook remains strong with the demand for housing expected to grow in the coming years, we are cautiously optimistic on the growth prospects for the rest of the year and believe that the worst is behind us, said Lakshminarayanan.
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