Cholamandalam Investment posts 35% y-o-y growth in net profit at Rs 762 crore

3 Nov 2023 , 09:14 AM

Cholamandalam Investment and Finance Co Ltd announced a 35% year-on-year increase in net profit for the September quarter of the current fiscal year at Rs 762.49 crore. Non-banking net profit increased by little more than 5% sequentially.

The total income of the company jumped by 51% y-o-y to Rs 3,038 crore in Q2FY24, stated the company in its release.

The company’s total payments in the July-September quarter were Rs 21,542 crore, a 47% increase year-on-year as compared to Rs 14,623 crore in the same quarter previous year.

Disbursements in the first half of the current fiscal year were Rs 41,557 crore, up from Rs 27,953 crore, representing a 49% increase year-on-year. 

Vehicle Finance (VF) disbursements were Rs 11,731 crore in Q2FY24, compared to Rs 8,502 crore in Q2FY23, according to a press release.

Loan Against Property (LAP) business disbursed Rs 3,192 crore in Q2FY24, up 42% from Rs 2,246 crore in Q2FY23. In the reporting quarter, the company’s assets under management increased by 46% year-on-year to Rs 1.34 lakh crore, up from Rs 91,841 crore.

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