Cholamandalam Investment and Finance Q2 result: Profit up 35% to Rs 762 cr

Cholamandalam Investment and Finance Company has reported a standalone profit of Rs 762.49 crore for the July-September 2023 quarter following an all round growth in disbursements and assets under management, the company said.

The city-based financial services arm of diversified conglomerate Murugappa Group had reported a standalone profit at Rs 563.41 crore in the corresponding quarter of last year.

For the six months period ended September 30, 2023 the standalone profit surged to Rs 1,488.50 crore from Rs 1,129.07 crore recorded during the corresponding period of last year.

Total income on standalone basis stood at Rs 4,571.89 crore, as against Rs 3,037.78 crore registered during the same period of last year.

For the half-year ended September 30, 2023 the standalone total income grew to Rs 8,705.51 crore from Rs 5,808.71 crore registered during the year ago period.

In a statement, the company said the growth in disbursements and the Assets Under Management were robust during the quarter ended September 30, 2023, following an all round growth in demand.

Disbursements during the quarter under review were at Rs 21,542 crore, as against Rs 14,623 crore registered during the same period of last year.

Assets under management as of September 30, 2023 stood at Rs 1,33,775 crore as compared to Rs 91,841 crore recorded as of September 30, 2022.

Vehicle finance disbursements stood at Rs 11,731 crore during the July-September 2023 quarter as compared to Rs 8,502 crore recorded in the same period of last year.

The Loan Against Property business recorded a growth of Rs 3,192 crore during the quarter as against Rs 2,246 crore registered in the corresponding quarter of last year.

Disbursements made under the small and medium enterprises loans grew to Rs 1,945 crore during the July-September 2023 quarter from Rs 1,473 crore recorded in the same period of last year.

Consumer and Small Enterprise Loans disbursed Rs 2,853 crore during the July-September 2023 quarter as against Rs 1,579 crore registered in the same period of last year.