Chennai-headquartered Sundaram Finance has diversified it vehicle loan portfolio to tractors and construction equipment besides commercial and passenger vehicles.
“With our diversified portfolio, we will explore newer opportunities both in asset types as well as in geographies,” said TT Srinivasaraghavan, Managing Director and CEO of the company.
Announcing the company’s results for the year ended March 31, 2014, he said the year that went by was the most challenging. It reported 8 per cent growth in net profit for the year ended March 31, 2014, at ₹443 crore as against ₹410 crore in the previous year. The board recommended a dividend of ₹10 a share.
According to Srinivasaraghavan, the company will strengthen its presence outside South India from the current year. “The intermediate commercial vehicle segment could be an opportunity, and the tractor segment is likely to keep growing in the coming years,” he said. Gross non-performing assets and net NPAs stood at 1.23 per cent and 0.45 per cent, respectively.