Cholamandalam Financial Holdings Q1 PAT at Rs 589 cr; income at Rs 3,234 cr

Cholamandalam Financial Holdings Ltd, formerly TI Financial Holdings Ltd, on Thursday said it has made Rs 589.46 crore as consolidated profit after tax (PAT) for the quarter ending June 30, 2020.

The consolidated PAT was Rs 330.02 crore during the corresponding period last year, the city-based Murugappa Group company said in a statement.

For the year ending March 31, 2020, the PAT registered was Rs 1,165.05 crore.

The total income for the quarter under review stood at Rs 3,233.85 crore against Rs 3,122.67 crore in the same period last fiscal.

On the impact of Covid-19 pandemic, the company said the virus-enforced lockdown have had an impact on the regular operations, including lending, the statement said.

Cholamandalam Investment and Finance Company Ltd, in which the Cholamandalam Financial Holdings holds 45.50 per cent stake, disbursed Rs 3,589 crore for the quarter ended June 30, 2020 as compared to Rs 8,572 crore in the same quarter last year.

Assets under management grew by 13 per cent to Rs 70,826 crore compared to Rs 62,827 crore as of June 30, 2019.

Cholamandalam MS General Insurance Company Ltd., a subsidiary in general insurancebusiness, in which the Cholamandalam Financial Holdings holds about 60 per cent stake, registered a gross written premium (GWP) of Rs 883 crore during the quarter ended June 30, 2020, as againstRs 1,199 crore recorded in the same quarter last year.

Cholamandalam MS Risk Services Ltd, a joint venture company in which Cholamandalam Financial Holdingshas 49.5 per cent stake, made a revenue of Rs 5.28 crore for the quarter ended June 30, 2020 against Rs 8.67 crore in the corresponding quarter last year, the statement said.