 "Cholamandalam Investment and Finance posts 7% dip in Q2 net profit")
Cholamandalam Investment and Finance Company (CIFC), Murugappa group’s financial services arm, has posted a 7 per cent dip in net profit during the second quarter of the financial year 2022-23 to Rs 563 crore, as compared to Rs 606 crore during the July to September quarter of the previous financial year.
CIFC’s total income increased by 22 per cent from Rs 2,481 crore during the second quarter of 2022-23 from Rs 3,038 crore during the same period last financial year. Aggregate disbursements in Q2 FY 23 were at Rs 14,623 crore as against Rs 8,706 crore during the same quarter in 2021-22, with a growth of 68 per cent. Vehicle finance (VF) disbursements were at Rs 8,502 crore during the period under review, up 38 per cent from Rs 6,161 crore in Q2 FY22.
Loan Against Property (LAP) business disbursed Rs 2,246 crore in Q2 FY 23, as against Rs 1,624 crore in Q2 FY 22, with a good growth rate of 38 per cent. Home Loan business also disbursed Rs 743 crore during the quarter, as against Rs 605 crore last year registering growth of 23 per cent. Small and Medium Enterprises Loan (SME) business disbursed Rs 1,473 crore in Q2 FY 23, registering 367 per cent growth over Rs 315 crore in Q2 FY 22.
The assets under management as of September 30 stood at Rs 91,841 crore as compared to Rs 75,063 crore at of end September last financial year.
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