Cholamandalam Investment Q1 net rises 28% to ₹726 cr.

August 01, 2023 07:15 pm | Updated 07:15 pm IST - CHENNAI

Cholamandalam Investment and Finance Co. Ltd.’s (CIFCL) standalone net profit for the June quarter rose 28% to ₹726 crore from the year-earlier period.

Net income rose 30% to ₹2,127 crore, while net income margin declined to 7.3% from 8%.

Disbursements improved by 50% to about ₹20,015 crore, of which vehicle finance comprised ₹11,301 crore, loan against property ₹2,679 crore, home loan ₹1,454 crore, small and medium enterprises loan ₹2,045 crore, consumer and small enterprises loans ₹2,355 crore and secured business and personal loans ₹182 crore.

Assets under management (AUM) stood at ₹1,22,755 crore against ₹86,703 crore.

The NBFC retail industry’s AUM growth is expected to be 18-20% in FY24. Secured NBFC retail loans consisting of vehicle finance and other secured business loans are forecast to grow at 14-16%, CIFCL said in a statement.

Gross NPA reduced to 4.3% from 6.31%, while net NPA declined to 2.77% from 4.85%.

Capital adequacy ratio (CAR) stood at 17.44%.

The board on Tuesday gave approval for issuance of equity shares, or compulsory convertible securities, by way of qualified institutions placement amounting to ₹4,000 crore.

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