Company Fundamental Result Update

Sundaram Finance Ltd Company Update



Sundaram Finance (SUF) reported stable set of numbers during Q1FY20 with a profit growth of 12% YoY to Rs 157 cr vs. our estimate of Rs 161 cr. Healthy advances growth at 16%, led to strong net income growth of 18% YoY to Rs 423 cr. Asset quality saw slight deterioration which led to increase in provisioning and relatively lower profitability. Despite weak traction in car segment, disbursement for the quarter grew by 8% YoY led by CV segment. Margins were stable despite higher cost of funds being offset by improved yields. We maintain our ‘Hold’ rating on the stock with a revised TP of Rs 1712.


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