The standalone net profit of Cholamandalam Investment & Finance Company in the second quarter of the current fiscal went up by 40.43 per cent to ₹606.54 crore.
The Murugappa Group NBFC posted a net profit of ₹431.91 crore in the year-ago quarter.
Total income marginally increased to ₹2,470.69 crore (₹. 2,439.78 crore) during the July-September quarter. Disbursements, on a year-on-year basis, went up by 35 per cent to ₹8,706 crore (₹6,457 crore) during Q2FY22.
In arelease, the company said that last quarter had several positives including waning of second wave of Covid-19, India outpacing other countries in terms of increased vaccination drive and a good monsoon.
“These events have led to expectations of a swift revival of the Indian economy supported by uptrend in economic indicators like tax collections, power consumption, vehicle registrations, highway toll collection and e-way bills. This economic revival has led to a sharp recovery in Chola’s disbursements and collections during Q2 FY22,” the company added.