Thursday, Jul 18 2024 | Time 03:57 Hrs(IST)
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Business Economy


SHF launches Emerging Business Segment, targets Rs 300 cr disbursement

Chennai June 13 (UNI) As part of its diversification strategy, Sundaram Home Finance (SHF) has launched a new ‘Emerging Business’ segment that will target the Affordable Housing (AH) market with a clear focus and plans to disburse Rs 300 crore this year.
To start with, the Emerging Business segment will comprise of the Small Business Loans (SBL) and the newly launched AH financing, a company release said here on Thursday.
Going forward, the company will have two business drivers – the Prime Housing Market focusing on
the traditional housing finance business and the Emerging Businesses focusing on SBL and financing
to the AH segment.
Company MD Lakshminarayanan Duraiswamy said “We had forayed into SBL financing in October 2022 and the response over the first 18 months has been quite satisfactory with the company having disbursed over Rs.125 crores to small shops and entrepreneurs in TN towards their working capital needs and
business growth."
"We felt the Affordable Housing financing has similar contours in terms of the loan amount, customer profile,
market segment and geographies. We believe that together the Emerging Business team can jointly cater
to this growing segment of Affordable Housing and Small Business Loans”, he said.
On the go-to-strategy, Lakshminarayanan said, “These two businesses are being carved out as a
separate segment with focus on understanding the customers, in smaller towns, with limited
reliance on formal income. To that end, we will have dedicated teams that address the needs of
these two businesses.”
On the growth plans for the emerging business segment, Lakshminarayanan said, “We see a lot of
potential for both these businesses and these could turn out to be solid growth drivers for the
company in the coming years.
This segment will start off with the current set of 31 branches and around 300 employees.
"In the near term, our plan is to open around 20 branches in the Emerging Business Segment in
TN, Telangana and Andhra. We plan to hire around 200 people for this segment, largely front-end staff”, he added.
The company is targeting to disburse around Rs. 300 crores in the Emerging Business segment this
year.
The company registered net profit of Rs. 236 crores for the year ended 31st March 2024 on
disbursements of Rs. 5039 crores.
Sundaram Home Finance, a wholly owned subsidiary of Sundaram Finance Ltd., provides home
loans, plot loans, home improvement & extension loans, loans against property, loans to the affordable housing category and small business loans to traders and small shops. The company currently has around 150 branches spread across the South and in Maharashtra, Rajasthan, MP
and Gujarat.
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