Murugappa Group’s Cholamandalam Investment and Finance Company (CIFCL) has posted a 184 per cent jump in net profit for the fourth quarter of the financial year 2021-22 to Rs 690 crore. It’s profit was Rs 243 crore the same period in 2020-21.
The company’s total income was seen up by 6 per cent at Rs 2,632 crore for the quarter under review, as compared to Rs 2,478 crore during the fourth quarter of the previous fiscal. The company had delivered its best-ever disbursals, collections, and profitability in Q4 FY22.
The performance was aided by strong signs of recovery in the automobile and mortgage industries. All major CV OEMs reported double digit growth in March 2022 aided by pick up in infra projects, growth in logistics and e-commerce sector coupled with easing of finance option,” the company said in a statement.
Aggregate disbursements in Q4 FY 22 were at Rs 12,718 crore as against Rs 8,071 crore in Q4 FY 21 with a growth of 58 per cent.
During the financial year ended in March 2022, the company posted a net profit of Rs 2,147 crore, up 42 per cent from Rs 1,515 crore in 2020-21.
Total income for the year was seen up by 6 per cent to Rs 10,139 crore as compared to Rs 9,576 crore in 2020-21. Disbursements for FY 22 were at Rs 35,490 crore as against Rs 26,043 crore in the previous year registering the growth of 36 per cent year-on-year.
Assets under management as of March 2022, stood at Rs 82,904 crore as compared to Rs 76,518 crore as of March 2021.