BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Sundaram Finance Ltd.’s Q1 FY23 result was highlighted by growth returning in standalone business (31%/138% QoQ/YoY growth in disbursement).
Commentary around market share gain and continuous focus in that direction are positives.
Among subsidiaries, Sundaram Home reported strong 5%/2.5% QoQ growth in pre-provision operating profit/assets under management but mark to market losses impacted insurance and 9% QoQ AUM decline led to muted asset management company performance.
Risks involve lower-than-anticipated growth and higher than expected credit cost leading to compression in return on equities.
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