Cholamandalam Q4 net zooms 184% to Rs 690 crore

Cholamandalam Investment and Finance Company (Chola), the financial services arm of Murugappa group, on Thursday reported a net profit of Rs 690 crore for the fourth quarter of FY22, compared with Rs 243 crore in the same quarter of the previous fiscal, registering a whopping 184% growth. Total revenue rose 6% to Rs 2,632 crore, against Rs 2,478 crore. Aggregate disbursements for the quarter stood at Rs 12,718 crore, compared with Rs 8,071 crore in the year-ago period, a growth of 58%.

The company has delivered its best-ever disbursals, collections and profitability during the quarter under review. The stellar performance was aided by strong signs of recovery in both the auto and mortgage industries. All major CV OEMs reported double-digit growth in March, aided by a pick-up in infra projects, growth in logistics and e-commerce sector, coupled with easing of finance options. Strong rebound in residential housing sales was aided by demand from consumers after deferral of home buying due to Covid-19, Chola said in a statement.

Vehicle finance disbursements were at Rs  8,785 crore, against Rs 6,153 crore, logging a growth of 43%, while the loan against property, including affordable LAP, business disbursed Rs 1,978 crore, compared with Rs 1,191 crore, at a growth rate of 66%. Its home loan business disbursed Rs 441 crore, against Rs 538 crore.

Assets under management as of March 31, 2022, stood at Rs 82,904 crore, compared with Rs 76,518 crore.

The company continues to hold a strong liquidity position with Rs 5,341 crore as cash balance at the end of March 2022, including Rs 1,500 crore invested in G-Sec. Its total liquidity position was at Rs 13,246 crore. The ALM is comfortable with no negative cumulative mismatches across all time buckets, Chola said.

from "Banking & Finance News: Banking & Finance News Today, Indian Banking & Finance News, World Banking & Finance News Today - The Financial Express " | The Financial Express https://ift.tt/IstCWx8