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Axis Securities Report
Sundaram Finance Ltd.’s management indicated an overall improvement in the economic activity with demand regaining strength across segments and geographies in the first two months of FY23.
However, rising oil prices and high inflationary pressure coupled with rising interest rates, may lead to some downward pressure on demand in the near-term.
Overall, the management remained positive about the growth prospects of the commercial vehicle market going into FY23 and beyond. It expects broad-based recovery across all segments in the upcoming quarters and recovery to normalcy which will enable a pick-up in credit-offtake.
Sundaram Finance’s Q4 FY22 performance remained below our expectations with net interest income growing 9.7% YoY to Rs 529 crore but down 2.3% QoQ.
Pre-provision operating profit registered a de-growth of 5.2%/3.9% YoY/QoQ largely due to some one-off expenses in the quarter.
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