Sundaram Finance Holdings Ltd, (SF Holdings) has posted a 22% rise in its consolidated net profit to ₹33.63 crore for the third quarter ended December.
Total revenue rose 21% to Rs.17.21 crore. Dividend received from portfolio companies more than doubled to ₹29.38 crore, it said in a statement
SF Holdings primarily operates as a holding company owning a portfolio of automotive businesses. As a result, dividend from portfolio companies forms a substantial part of the financial results.
During the quarter, SF Holdings sold a 1.50% stake in Sundaram Clayton Ltd. for a total gain of ₹24.66 crore, bringing its stake down to 9.74%. Using the proceeds of the divestments, the board declared a special dividend of ₹1.
SF Holdings made follow-on investments of €2 million in Mind S.r.I, Italy, taking its total stake to 48.86%.
Further, it has promoted a greenfield unit (Sundaram Composite Structures Pvt. Ltd.) to manufacture carbon fibre components in Tiruvallur district in Tamil Nadu with an initial investment of ₹19.50 crore. It had acquired a 60% stake in it.
