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Sundaram Finance Holdings (SF Holdings) has reported a consolidated net profit at INR 41.14 crore up by 30.27% for the quarter ending June 30, 2022, the company said on Thursday. The city-based company had registered consolidated net profit at INR 31.58 crore in corresponding quarter previous year.
For the year ending March 31, 2022, the consolidated profit was at INR 160.70 crore.
In a statement, the company said at the board meeting held on August 3, the Chairman of the Board, T T Srinivasaraghavan has relinquished his office and Harsha Viji succeeded him. Ananth Ramanujam was inducted as an additional director of the Board.
“I wish to record our deep appreciation for T T Srinivasaraghavan for his able guidance and leadership of SF Holdings from inception, a period which included several critical investments and transactions including the purchase of joint venture partners’ stake in Brakes India and Wheels India…,” Viji was quoted as saying in the statement.
Flometallic India Pvt Ltd and Brakes India Pvt Ltd, two of SF Holdings portfolio companies, have merged effective July 27 and the merger was approved by National Company Law Tribunal, it said.
As a result of the merger, SF Holdings’ stake in Brakes India has increased from 14.37% to 23.57%, making Brakes India as an associate company.
SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses, including foundries, wheels, brakes, turbochargers, axles and distribution of spare parts.
The dividend from portfolio companies forms a substantial part of the financial results. The dividend received from portfolio companies was at INR 40.20 crore during the quarter ending June 30,2022, the statement said.
K Mahendra Kumar, the present Chief Financial Officer of the company, has resigned and he will be relieved from the services of the company on September 8, 2022. Meyyappan will take charge on the next day.
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