*Sundaram Finance Ltd. -S* | *CMP* Rs. 2478 | *M Cap* Rs. 27532 Cr | *52 W H/L* 2884/1293
(Nirmal Bang Retail Research)
*Result is ok* Significant increase in restructured loans
NII came at Rs. 608.4 Cr vs YoY Rs. 477.6 Cr, QoQ Rs. 491.6 Cr
PBP came at Rs. 443.7 Cr vs YoY Rs. 333.9 Cr, QoQ Rs. 338.3 Cr
Provision came at Rs. 165.3 Cr vs YoY Rs. 80.1 Cr, QoQ Rs. 85.2 Cr
PAT came at Rs. 210.7 Cr vs YoY Rs. 192 Cr, QoQ Rs. 191.6 Cr
AUM came at Rs. 29811 Cr vs YoY Rs. 30572 Cr, QoQ Rs. 29823 Cr
Gross NPA (%) came at 3.45% vs QoQ 4.25%
Net NPA (%) came at 2.12% vs QoQ 3.12%
Restructured loans increased to 9.3% vs QoQ 4.7% (highest among auto financiers)
Quarter EPS is Rs. 19
Share is trading at P/E of 23.9x FY23E EPS & 4.2x trailing P/BV