Sundaram Home Finance Aiming For 20% Growth In AP & Telangana
Sundaram Home Finance, a wholly-owned subsidiary of Sundaram Finance Ltd, is targeting a substantial 20 per cent growth in its operations within Andhra Pradesh and Telangana. To support this growth initiative, the Chennai-based firm has recently inaugurated a new branch in Begumpet, Hyderabad, bringing its total branch count in the region to six.
This expansion drive aligns with Sundaram Home Finance's strategic plan to concentrate on Tier-II and III cities, recognising that a significant portion of its growth is generated from these smaller towns and cities.
The Managing Director of Sundaram Home Finance, Lakshminarayanan Duraiswamy, expressed confidence in the potential of their home finance business within Andhra Pradesh and Telangana. He highlighted the infrastructure developments in these states, which are driving growth in the real estate sector. Duraiswamy also anticipates that the expanded presence in the state capital, Hyderabad, will further fortify their market position.
Duraiswamy shared some financial insights, indicating that Telangana had witnessed disbursements exceeding Rs 400 crore in the previous year. He is optimistic about achieving a 20 per cent growth rate in the region for the current year.
In addition to their geographical expansion, Sundaram Home Finance recently unveiled plans to venture into the affordable housing segment. As part of this initiative, they intend to establish ten new branches and hire between 50 to 75 employees by March 2024.
For the quarter ending on 30 June 2023, Sundaram Home Finance reported a net profit of Rs 57 crore, supported by disbursements totaling Rs 1,104 crore.
