CHENNAI: Cholamandalam Investment and Finance Company Limited (Chola), the financial services arm of the Murugappa Group, on Thursday reported a 35% rise in profit after tax (PAT) in the quarter ended September 30, 2023 at Rs 762 crore against Rs 563 crore in the year ago quarter.
The disbursements grew at Rs 21,542 crore in Q2 FY24, a 47% increase over the corresponding quarter of last year at Rs 14,623 crore.
The total income jumped by 51% to Rs 4,572 crore in the second quarter of 2023-24, which was at Rs 3,038 crore in the same quarter previous year. The total assets under management (AUM) stood at Rs 1,33,775 crore as on September 30, 2023.
The growth in disbursements and AUM was due to all round growth in demand, a statement said.
While the pickup in replacement demand from end user segments in the auto sector supported growth for vehicle finance, loan against property (LAP) business witnessed a healthy revival due to growth in demand from SME segments. Home loans continued to register above average growth due to revival in earnings of self-employed non-professionals, it added.
In Q2 FY24, the company launched a composite QIP issue of equity shares (Rs 2,000 crore at a price of Rs 1,180 per share) and compulsorily convertible debentures (Rs 2,000 crores at a face value of Rs 1,00,000), overall aggregating to Rs 4,000 crore.
The funds from the investors were received in the first week of October 2023 and the allotment was completed on October 5, 2023, it added.
