Cholamandalam Investment and Finance net profit up by 2.3%

Cholamandalam Investment and Finance Company Ltd has posted a growth of 2.3 per cent to Rs 291.86 crore during the quarter ended March 31, 2019, as compared to Rs 285.26 crore net profit registered in the same period of last year. The total income grew by 29.5 per cent to Rs 1885.34 crore as against Rs 1455.91 crore posted during the corresponding period a year ago. 

During the year ended March 31, 2019, the industry faced liquidity constraints due to restrictive supply of market funds. Despite market constraints, with effective banking relationships, the company was able to tap the banking lines and deploy it optimally. Further the company has been maintaining cash cover at around Rs.3000 crore, to manage funds position for next 3 months, said the company. 

Arun Alagappan, executive director, stated “We have been consistent in delivering growth over 25 per cent in AUM, total income and PAT for the past few years and the growth has been phenomenal even during the current year across all major parameters. The Asset quality has improved further this year and is at an all-time low of 1.1 per cent Net NPA.