Sundaram Home Finance reported a nearly 25% decline in net profit in the September quarter to Rs. 44 crore, which in the year-ago period was Rs. 59 crores.
The lender’s assets under management rose 14% year-on-year to Rs. 13888 crores. Distribution in the second quarter was Rs. 1214 crores up 27% to Rs. 1543 crore has happened.
During the second quarter, Sundaram Home Finance expanded its presence outside South India with new branches in Pune in Maharashtra and Indore in Madhya Pradesh, strengthening its already existing presence in the two states.
As part of its expansion plan, the company hired more than 300 people during the first half of the year. The company said it will continue to explore selective opportunities for growth outside the southern market while strengthening its presence in the south.
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