Cholamandalam Investment and Finance Company reports 183.9% rise in Q4 PAT

Cholamandalam Investment and Finance Company Ltd has reported a 183.9 per cent jump on its profit after tax for the quarter ending March 31, 2022 at Rs 690 crore, the company said on Friday.

The city-based Murugappa Group company had clocked profit after tax at Rs 243 crore during the corresponding period last financial year.

For the year ending March 31, 2022, profit after tax grew by 41.7 per cent to Rs 2,147 crore, from Rs 1,515 crore registered same period a year ago.

Total income during the quarter under review rose to Rs 2,632 crore from Rs 2,478 crore registered the same quarter previous fiscal. For the financial year ending March 31, 2022, the total income went up to Rs 10,139 crore from Rs 9,576 crore registered the same period last financial year.

In a statement, the company said it had delivered the 'best-ever' disbursals, collections and profitability in Q4 FY 2022.

All major OEMs (original equipment manufacturers) reported double digit growth in March 2022 aided by pickup in infrastructure projects, growth in logistics and e-commerce sector coupled with easing of finance options, the company said.

Strong rebound in residential housing sales in the current quarter was backed by demand from consumers after deferral of home buying due to the COVID-19 pandemic, it said.

For the year ending March 31, 2022, total assets under management rose to Rs 82,904 crore from Rs 76,518 crore registered a year ago.

Vehicle finance disbursements during the year ending March 31, 2022 were at Rs 25,439 crore as against Rs 20,249 crore recorded in the previous year.

Loan Against Property including affordable and business segment increased to Rs 5,862 crore from Rs 3,627 crore recorded previous year.

The home loan disbursements during the year under review went up to Rs 1,571 crore from Rs 1,542 crore recorded previous year.

The Board of Directors which met here on Thursday recommended a dividend of Rs 0.70 per share on the equity shares of the company, subject to approval of the shareholders.

This was in addition to the interim dividend of Rs 1.30 per share for the financial year 2021-22 declared by the company on February 1, the statement added.