Mumbai: Cholamandalam Investment and Finance Co’s net profit increased 24% year-on-year to Rs 1,058 crore in the quarter ended March 2024 from Rs 852 crore a year ago. Total loan disbursements increased 18% year-on-year during the quarter to a record Rs 24,784 crore in March 2024 from Rs 21,020 crore a year ago.
Net profit for the year ended March 2024 increased 28% to Rs 3,423 crore from Rs 2666 crore a year earlier.
Vehicle finance loan disbursements, the company’s largest loan book, were at Rs 12,962 crore up 6% from Rs 12,190 crore a year ago. Loan against property (LAP) disbursements were at Rs 4,273 crore up 55% from Rs 2,762 crore a year ago. Consumer and small enterprise loans (CSEL) disbursements were at Rs 3,301 crore in March 2024 from up 40% from Rs 2,364 crore a year ago.
The company’s total assets under management increased 36% Rs 1.53 lakh crore up from Rs 1.12 lakh crore a year ago. The company holds Rs 7899 crore as cash balances at the end of March 2024 including Rs 1500 crore invested in government securities and Rs 765 crore in other liquid investments.
Gross stage three advances reduced to 2.48% of advances from 3.01% a year ago. The company’s capital adequacy ratio (CAR) was at 18.57%, higher than the regulatory requirement of 15%.
