Sundaram Finance (NSE: SUNDARMFIN) reported its second-quarter 2022 earnings results today.
The company reported an 8% decline in consolidated net profit at ₹274 crores in the quarter ended September 2021 as total interest income fell and impairment costs increased.
Total interest income fell 3% to ₹1091 crore from ₹1122 crore a year ago. While impairment costs increased two and a half times to ₹199 crores from ₹68 crores a year ago.
“Every month in the second quarter has seen improvement on both business growth and collections. The vicious second wave appears behind us. That said, overall recovery to a new normal will take time. Customer sentiment has significantly improved, and the second half of the year will likely see broad-based recovery,” said Harsha Viji, executive vice-chairman, Sundaram Finance.