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Cholamandalam Investment and Finance Company has reported an 84 per cent increase in net profit at Rs 70 crore in the first quarter ended June 30, compared with Rs 38 crore in the corresponding quarter last year.
Revenue from operations was Rs 558 crore (Rs 381 crore), a growth of 46 per cent.
The Chennai-based company reported a 56 per cent increase in disbursements in vehicle finance in the first quarter. It disbursed Rs 2,026 crore in vehicle finance in the first quarter as against Rs 1,302 crore in the same quarter last year.
Home equity loans increased 33 per cent to Rs 493 crore (Rs 370 crore). The newly-launched gold loan disbursed Rs16 crore during the quarter. The company’s aggregate disbursements for the quarter was Rs 2,535 crore (Rs 1,672 crore) registering a growth of 52 per cent, says a company press release.
During the quarter, vehicle finance assets under management has crossed Rs 10,000 crore and total assets under management for the company has crossed Rs 15,000 crore.
The company raised tier-II capital of Rs 220 crore during the period by way of subordinated debt to strengthen its capital adequacy ratio, says the release.
raja.simhan
@thehindu.co.in
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