New Delhi, Nov 5 (PTI) Sundaram Finance Ltd on Thursday reported a 6 per cent increase in consolidated net profit

New Delhi, Nov 5 (PTI) Sundaram Finance Ltd on Thursday reported a 6 per cent increase in consolidated net profit

New Delhi, Nov 5 (PTI) Sundaram Finance Ltd on Thursday reported a 6 per cent increase in consolidated net profit

New Delhi, Nov 5 (PTI) Sundaram Finance Ltd on Thursday reported a 6 per cent increase in consolidated net profit to Rs 517 crore for the second quarter ended September 30, 2026.

     The non-banking finance company had posted a net profit of Rs 488 crore in the July-September quarter a year ago.

     The company's total consolidated income rose to Rs 2,749 crore during the quarter under review, up from Rs 2,401 crore a year earlier, Sundaram Finance said in a regulatory filing.

     The board also approved the proposed acquisition of a 100 per cent stake in Sundaram Alternate Assets Ltd (SAAL), a wholly-owned subsidiary of Sundaram Asset Management Company Ltd (SAMCL), which in turn is a wholly-owned subsidiary of the company.

     "To simplify the group shareholding structure, it is proposed to acquire the entire shareholding of 3,90,53,158 equity shares of Rs 10 each held by SAMCL in SAAL, to make SAAL a direct subsidiary of Sundaram Finance, instead of a step-down subsidiary," it said.

     The acquisition is proposed to be made at a cost not exceeding Rs 75 crore excluding stamp duty, taxes and other charges, it added.

     SAAL, incorporated in 2018, caters to the investment needs of High Net Worth Individuals (HNIs), Ultra High Net Worth Individuals (UHNIs), family offices & institutions.

     Additionally, S Viji, Chairman, relinquished his office as Non-Executive Director and Chairman of the company's board. The Board of Directors has elected R Venkatraman, Independent Director, to be the Chairman of the company.

     During the quarter, the interest income increased to Rs 2,330 crore as against Rs 2,015 crore in the corresponding period of the previous fiscal.

     The Chennai-headquartered company's total expenditure climbed to Rs 2,004 crore as against Rs 1,751 crore in the year-ago period.

     "Our Group companies in asset management, general insurance and home finance continued to report strong results. We remain committed to our time-tested approach of steady, sustainable growth, best-in-class asset quality and consistent profitability," said the company's Executive Vice Chairman Harsha Viji.

(This story has not been edited by THE WEEK and is auto-generated from PTI)