Cholamandalam Investment Q1 profit up 18%

Profit rises to Rs 110.25 crore; net income margin up 25 %

Cholamandalam Investment and Finance Company, part of Murugappa Group, has reported a 18 per cent growth in net profit during the quarter ended June, at Rs 110.2 crore, against Rs 93.10 crore in the corresponding period last year.

Income from operations rose to Rs 982 crore from Rs 860 crore.

Gross non-performing assets (NPAs) (on 5 months’ overdue basis) Increased to 3.33 per cent, against 3.12 per cent in the March quarter.

Net income margin (NIM) rose 25 per cent to Rs 490 crore, from Rs 393.7 crore a year ago. NIM (as % of assets) was at 8.5 per cent, against 7.6  per cent during the corresponding period in the previous financial year.

The company disbursed Rs 2,588 crore in our Vehicle Finance business, against Rs 2,320 crore. This was a growth of 12 per cent. Home Equity disbursements grew 16 per cent to Rs 831 crore, from Rs 716 crore during the first quarter of the previous financial year.

Chola’s aggregate disbursements for the quarter was Rs 3,508 crore, against Rs 3,188 crore a year ago.