Cholamandalam Investment and Finance Company Ltd has reported a standalone profit for the quarter ending June 30, 2022 at ₹565.66 crore, the company said on Saturday.

The city-based company had registered standalone profit at ₹326.80 crore during corresponding quarter previous year.

For the year ending March 31,2022, standalone profit was at ₹2,146.71 crore.

The standalone total income during the quarter under review grew to ₹2,770.93 crore from ₹2,478.21 crore registered same quarter last year. For the year ending March 31, 2022 standalone total income stood at ₹10,138.77 crore.

In a statement, the company said consumer confidence continued to improve with the economy growing at 14-15 per cent in Q1 in spite of the higher than expected inflation and tightening of monetary policy by the Reserve Bank.

Loan disbursements

Aggregate disbursements in Q1 were at ₹13,329 crore against ₹3,635 crore registered in same period last year which was impacted due to Covid-19 second wave, resulting in lower disbursements and profitability.

Vehicle finance disbursements were at ₹8,562 crore during the quarter under review as against ₹2,846 crore registered corresponding quarter previous year.

Loan against property including affordable segment disbursed ₹2,169 crore in Q1 FY 2023 as compared to ₹386 crore registered same period last year.

The assets under management as of June 30, 2022 stood at ₹86,703 crore as compared to ₹75,763 crore as of June 30, 2021, it added.

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