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ICICI Securities Report
Sundaram Finance Ltd.’s Q4 FY22 earnings, like peer performance, was highlighted by improvement in credit cost.
While standalone pre-provisioning profit was down 4% QoQ, profit after tax was up almost 50% QoQ. However, QoQ decline in disbursements in all categories except commercial vehicle leading to 1% QoQ assets under management decline is noteworthy and distinct from peers.
Sundaram’s lower growth in Q4 FY22 also questions the possible trends ahead considering the traditional conservative policy of the company.
Operational performance of key subsidiaries continued to be strong. Consolidated profit after tax grew 27% QoQ.
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