Cholamandalam Invt Net Up 11% To Rs 18 Crore

Cholamandalam Investment and Finance Company Ltd, the Chennai-based NBFC and a part of the Rs 3,900 crore Murugappa group, today announced a 11.32 per cent increase in net profit at Rs 18.78 crore for the fiscal ended March 2002, compared with Rs 16.87 crore during last fiscal.

Income from operations registered a 25.44 per cent year-on-year growth to cross the Rs 200 crore mark. It increased to Rs 200.31 crore against Rs 159.68 crore in April-March 2001. Earnings per share increased by 11.35 per cent to touch Rs 11.08 for the fiscal ended March 2002.

Meanwhile, Cholamandalam Investment & Finance Co. Ltd (CIFCO), in a press statement, said the board has issued secured redeemable non-convertible debentures up to Rs 150 crore and short term redeemable non convertible debentures up to Rs 200 crore on private placement basis to mutual funds, institutions, banks, corporates, individuals and other agencies.

The board has recommended paying a dividend of 50 per cent for the year against 45 per cent in the previous year.

The company said it had registered 51 per cent growth in disbursements during the year ended March 2002, at Rs.697 crore. The company increased its deployment in finance against Shares to Rs 193 crore. The asset base grew by 32 per cent during the last fiscal.

"We have been growing the vehicle finance business at a compounded annual growth rate of 62 per cent for the last 3 years. It is particularly satisfying that we have been able to achieve this at a time when there has been no significant growth in vehicle sales," M Anandan, managing director, said.

The net non-performing assets (NPA) were lower at 1 per cent of the risk-weighted assets compared to 1.27 per cent the previous year. The company during the year entered the growing 2 wheeler finance segment.