Chennai, Aug 11 (IANS): Non-banking finance major Sundaram Finance Ltd on Friday said it closed the first quarter with a higher after tax profit of Rs 281.28 crore.

In a regulatory filing, Sundaram Finance said during the quarter ended June 30, 2023, it had earned an operational revenue of Rs 1,187.43 crore (against Q1FY23's Rs 935.07 crore) and a net profit of Rs 281.28 crore (Rs 225.73 crore).

The company said its disbursements for Q1FY24 recorded a growth of 32 per cent to Rs 6,489 crore as compared to Rs 4,915 crore registered in Q1FY23. The assets under management stood at Rs. 37,255 crore as on June 30, 2023 as against Rs 30,552 crore as on June 30, 2022, up by 22 per cent.

The total restructured assets under Covid relief measures enabled by the Reserve Bank of India were at Rs 538 crore, about 1.5 per cent of loan outstanding, as on June 30, 2023. The Gross and Net NPA, as per the RBI’s new asset classification norms for NBFCs, are 2.96 per cent and 2 per cent, respectively as against 2.66 per cent and 1.41 per cent as of June 30, 2022 (based on old norms), Sundaram Finance said.