Chennai-based Cholamandalam DBS Finance Company reported a 60 per cent drop in its profit during the first quarter ended June 30 at Rs 5.26 crore from Rs 13.2 crore.
The drop in profit is mainly on account of market scenario of unsecured lending business, according to a company release. Company's total revenue increased by 90 per cent to Rs 319 crore from Rs 168 crore.
Vehicle finance business rose by 43 per cent, while personal loan business by 45 per cent during the quarter.