Sundaram Finance Holdings (SF Holdings) has reported a consolidated web revenue at INR 41.14 crore up by 30.27% for the quarter ending June 30, 2022, the corporate mentioned on Thursday. The town-based firm had registered consolidated web revenue at INR 31.58 crore in corresponding quarter earlier yr.
For the yr ending March 31, 2022, the consolidated revenue was at INR 160.70 crore.
In an announcement, the corporate mentioned on the board assembly held on August 3, the Chairman of the Board, T T Srinivasaraghavan has relinquished his workplace and Harsha Viji succeeded him. Ananth Ramanujam was inducted as an extra director of the Board.
“I want to file our deep appreciation for T T Srinivasaraghavan for his in a position steering and management of SF Holdings from inception, a interval which included a number of important investments and transactions together with the acquisition of three way partnership companions’ stake in Brakes India and Wheels India…,” Viji was quoted as saying within the assertion.
Flometallic India Pvt Ltd and Brakes India Pvt Ltd, two of SF Holdings portfolio firms, have merged efficient July 27 and the merger was permitted by Nationwide Firm Legislation Tribunal, it mentioned.
Because of the merger, SF Holdings’ stake in Brakes India has elevated from 14.37% to 23.57%, making Brakes India as an affiliate firm.
SF Holdings primarily operates as a holding firm proudly owning a portfolio of automotive companies, together with foundries, wheels, brakes, turbochargers, axles and distribution of spare components.
The dividend from portfolio firms kinds a considerable a part of the monetary outcomes. The dividend acquired from portfolio firms was at INR 40.20 crore through the quarter ending June 30,2022, the assertion mentioned.
Okay Mahendra Kumar, the current Chief Monetary Officer of the corporate, has resigned and he can be relieved from the companies of the corporate on September 8, 2022. Meyyappan will take cost on the subsequent day.
