BUSINESS

Cholamandalam net up

Cholamandalam Investment and Finance Company announced a net profit of Rs. 17.6 crores for the half year ended September 30, 2003, an increase of 42 per cent as compared to Rs. 12.4 crores in the corresponding period last year. The profit before tax grew by 62 per cent to Rs. 31 crores. M. A. Alagappan, Chairman, said financial services is a core part of the Murugappa group's growth plans. "Cholamandalam now has a portfolio of diversified but related businesses — both fund-based and fee-based," he added. As of September 30, Cholamandalam's net worth stands at Rs. 225 crores and its capital adequacy ratio at 14.1 per cent.

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