 "Cholamandalam Investment and Finance net profit grows 5.6%")
Cholamandalam Investment and Finance Company, part of Murugappa Group, has posted a net profit of Rs 92.36 crore for the quarter ended March 31, 2014, as against Rs 87.41 crore for the same period of previous fiscal year, an increase of 5.6%. The income from operations during the quarter was Rs 844.03 crore as compared to Rs 723.82 crore for the corresponding quarter of previous year, an increase of 16.6%, on a consolidated basis.
The company said that the disbursements in vehicle finance were marginally lower while disbursements in home equity loans grew by 23% compared to the same period of last year.
It has disbursed Rs 2,795 crore in Vehicle Finance during the fourth quarter ended March 31, 2014, as against Rs 3,140 crore during the same period last year. However, the disbursement of home equity loans has increased to Rs 785 crore during the quarter as compared to Rs 638 crore during the corresponding quarter of the previous financial year.
The total disbursement of the company for the quarter was at Rs 3,673 crore even as it was Rs 3,808 crore during the fourth quarter of 2012-13. The aggregate disbursements of the Company for the Financial Year 2013-14 are Rs 13,114 crore as against Rs 12,118 crore in the previous year, added the company.
It has expanded its presence to 574 branches by end of March, 2014, compared to 518 branches till the end of the financial year 2012-13, and the additional branches are placed in tier III and tier IV locations across the country. It has a gross NPA of 1.9% and net NPA of 0.7%, while the capital adequacy ratio is 17.23% as compared to the regulatory requirement of 15%, added the company.