Cholamandalam Financial Holdings Q2 net contracts 7% to ₹606 cr.

November 08, 2022 07:49 pm | Updated 07:49 pm IST - CHENNAI

Cholamandalam Financial Holdings Ltd.’s (CFHL) consolidated net profit for the second quarter ended September declined 7% to ₹606 crore from the year-earlier period.

Total income grew 20% to ₹4,298 crore, the core investment company of the Murugappa Group said in a filing.

Cholamandalam Investment & Finance Co. Ltd. (CIFCL) disbursed ₹14,623 crore against ₹8,706 crore, a growth of 68%, while net profit contracted 7% to ₹563 crore. Assets under management grew by 22% to ₹91,841 crore.

Q1 was impacted by the second wave of COVID-19 and lockdowns resulting in forward flows to higher buckets and higher provisioning. Post release of lockdowns in Q2, CIFCL said it was able to roll back customers who moved into higher buckets in Q1. Hence, Q1 had higher credit loss provisioning at over 3% and Q2 had credit loss provisioning of only 0.37%, the company said.

Cholamandalam MS General Insurance Co. Ltd. registered a gross written premium of ₹1,534 crore against ₹1,303 crore and net profit stood at ₹40 crore against ₹39 crore.

Cholamandalam MS Risk Services Ltd. posted a total income of ₹16.25 crore against ₹13.53 crore and net profit rose marginally to ₹11.71 crore from ₹1.11 crore.

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