Cholamandalam Investment and Finance Company Achieves Impressive 35% Profit Growth in Q2
Cholamandalam Investment and Finance Company, a leading non-banking entity, has reported strong financial results for the second quarter of the current year. The company’s profit after tax for the quarter ending in September reached Rs 762 crore, showing a remarkable 35% increase compared to the same period last year. Over the first half of the year, the net profit also saw substantial growth, reaching Rs 1,489 crore, marking a 32% increase.
These positive financial figures were accompanied by significant increases in net income. For the quarter, net income stood at Rs 2,367 crore, demonstrating a notable 39% surge. The cumulative net income for the first half of the year reached Rs 4,493 crore. Cholamandalam Investment and Finance’s total assets under management have reached an impressive figure of Rs 91,841 crore.
The substantial growth in disbursements during the second quarter can be attributed to increased demand across various segments. Cholamandalam Investment and Finance reported a disbursement of Rs 14,623 crore for the quarter, showcasing an impressive 47% growth compared to the previous year. One of the key drivers of this growth has been the heightened replacement demand in the automobile sector, particularly in vehicle finance. Vehicle finance disbursements reached Rs 11,731 crore during Q2, demonstrating a robust 38% growth. Additionally, the loan against property (LAP) business saw significant expansion, with disbursements reaching Rs 3,192 crore, reflecting a substantial 42% increase.
These results underscore Cholamandalam Investment and Finance Company’s commitment to driving growth and delivering strong financial performance in the non-banking financial sector.