Sundaram Finance Holdings' consolidated net profit surged 22% to Rs33.63cr for the quarter ended December 31, 2021, against Rs27.65cr for the corresponding period of the previous year. Consolidated profit for the nine months ended December 31, 2021, also zoomed 128% to Rs84.49cr, as compared to Rs37.06cr registered in the corresponding period of the last financial year. Divests select holdings During the quarter ended December 31, 2021, SF Holdings sold a 1.50% stake held in Sundaram Clayton limited
Sundaram Finance Holdings' consolidated net profit surged 22% to Rs33.63cr for the quarter ended December 31, 2021, against Rs27.65cr for the corresponding period of the previous year. Consolidated profit for the nine months ended December 31, 2021, also zoomed 128% to Rs84.49cr, as compared to Rs37.06cr registered in the corresponding period of the last financial year. Divests select holdings During the quarter ended December 31, 2021, SF Holdings sold a 1.50% stake held in Sundaram Clayton Limited for a total gain of Rs124.66cr, bringing its stake down to 9.74%. As per Ind AS practice, the realized gain has been accounted through OCI. Read More news on flipnews.com SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses including foundries, wheels, brakes, turbo chargers, axles, and distribution of spare parts. As a result, dividend from portfolio companies forms a substantial part of the financial results. The dividend received from portfolio companies was at Rs29.38cr for the period ended December 31, 2021, as against the total dividend of Rs14.13cr received during the financial year 2020-21.SF Holdings has sold part of its stake in the Venu Srinivasan- headed Sundaram Clayton for Rs 124. 66 crore. With SF Holdings selling a 1.5 percent stake, its holding in Sundaram Clayton now stands at 9.74 percent. The Sundaram Finance group of companies belong to the TS Santhanam family of the TVS Group. According to a top company source, the sale was done in the open market. The partial sale was done during the last quarter, SF Holdings said in a filing to the stock exchanges on Thursday. “The realised gain has been accounted for as per Ind AS (Indian Accounting Standard) practice,” the company said. After the stake sale, the company also announced a special dividend. “Using the proceeds of the divestments, the board of SF Holdings has declared a special dividend of 20 percent,” the company saidSundaram Finance Ltd, and it is listed on the National Stock Exchange. SF Holdings is an exempted Core Investment Company. The company’s investments are primarily in automotive space companies, many of them co-promoted with the TVS Group.
Its significant investments include those in Sundaram Clayton, Wheels India, IMPAL (all listed), and Brakes India and Turbo Energy (both unlisted) – most of them are leaders in their respective markets.
SF Holdings, through its 100 percent subsidiary, Sundaram Business Services Ltd, and its own operations, SF Holdings, is in the business of outsourced business processing and support services.
Net profit up 22%
SF Holdings, in the meanwhile, reported a 22 percent increase in consolidated net profit for the quarter ended December 2021. It registered a consolidated net profit of Rs 33.63 crore for the quarter, an increase of 22 percent over the Rs 27.65 crore in the corresponding quarter of the previous year.
Consolidated profit for the nine months ended December 2021 went up 128 percent to Rs 84.49 crore, compared to the Rs 37.06 crore in the corresponding quarter of the last financial year
.
You must be logged in to post a comment.