Money & Banking

Cholamandalam Investment Q3 net rises 12%

PTI New Delhi | Updated on January 27, 2018

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Cholamandalam Investment and Finance Company today reported 12 per cent increase in consolidated net profit at Rs 163.38 crore for the third quarter of 2016-17 financial year. The company had reported a net profit of Rs 148 crore in the October-December quarter of the previous fiscal.

“Total income has increased to Rs 1,184.44 crore for the quarter ended December 31, 2016, from Rs 1,060.09 crore for the same quarter a year ago,” the company said in a regulatory filing.

On standalone basis, net profit increased by 11.5 per cent to Rs 162.52 crore in October—December from Rs 145.70 crore a year ago, while income increased by a similar margin to Rs 1,175.76 crore in the period from Rs 1,053.90 crore in October—December, 2015.

Disbursements rose by 3 year-on-year to Rs 4,373 crore during October-December period of 2016—17. It disbursed Rs 3,491 crore for vehicle financing, up from Rs 3,245 crore in the December quarter of 2015—16.

“This was possible on account of steady growth in heavy commercial vehicle volumes, and in car/MUV segment during October 2016. Home equity disbursements were at Rs 619 crore in the third quarter of 2016—17 as against Rs 882 crore in year ago period,” the company said in a statement.

The net income grew by 12 per cent to Rs 610 crore during the quarter, from Rs 542.98 crore a year earlier.

The company declared an interim dividend of 35 per cent or Rs 3.50 per equity share for the quarter.

The net income margin for the quarter was 8.4 per cent, marginally down from 8.77 per cent the year ago period.

The company said it was able to exit the quarter at a gross non—performing asset (GNPA) level of 3.8 per cent at 4 months’ overdue, which is slightly higher than the GNPA at the end of September 2016 (3.5 per cent).

Shares of the company closed 3.55 per cent higher at Rs 1,045.80 on the BSE today.

Published on January 25, 2017

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