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Cholamandalam Financial Holdings Ltd, a Murugappa Group company, Wednesday reported a 5 per cent jump in its consolidated net profit at ₹430.3 crore for the quarter ended December 31.
The company had reported a profit of ₹408.65 crore in the year-ago period.
Total income rose to ₹3,395.34 crore from ₹2,954.13 crore in the same period a year ago, Cholamandalam Financial Holdings said in a statement.
“Pursuant to the Taxation Laws (Amendment) Ordinance 2019, promulgated on September 20, 2019, the company and some of its subsidiaries have exercised the option permitted under the Income Tax Act, 1961, to compute income tax at revised rate (25.17 per cent) from current financial year, and accordingly, has re-measured current or deferred tax and the consequential effect has been fully recorded during the previous quarter ended September 30, 2019,” it said.
Cholamandalam MS General Insurance Company Ltd, a subsidiary in general insurance business, in which the company holds about 60 per cent stake, registered a Gross Written Premium (GWP) of ₹204 crore against ₹155 crore for the quarter ended December 2018.
The company further said that Cholamandalam Investment & Finance Company Ltd, in which the company holds 46.5 per cent stake, reported a 28 per cent jump in net profit at ₹9 crore for the quarter ended December 31.
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