Cholamandalam Q1 net more than double at Rs 15 cr

Cholamandalam Investment and Finance company’s net profit for the first quarter ended June 30, 2010 is up by 385% at Rs 15.78 crore more than doubled from Rs 3.25 crore on a year-on-year basis.

Consolidated income from operations for the quarter ended June 30, 2010 at Rs 259.4 crore grew 5.8 per cent from Rs 245 crore for the same period last year.

The company’s disbursement for the first quarter at Rs 1,246 crorr was up 77 per cent from Rs 702 crore in the corresponding quarter last year.

Overall buoyancy in the economy led by the surge in the commercial vehicles industry helped the company to maintain the growth momentum and post a good quarter performance, said the company in its press release on the Bombay Stock Exchange.

Vehicle finance disbursed Rs 952 crore during the quarter and home equity disbursed Rs 294 crore. The corporate and mortgage finance product float gre to Rs 535 crore as against Rs 357 crore in the same quarter last fiscal.