 "Cholamandalam Investment & Finance net profit up 37.5% at Rs 167.34 crore")
Cholamandalam Investment and Finance Company has posted a growth of 37.5% in net profit during the quarter ended September 30, 2016, at Rs 167.34 crore as compared to Rs 121.73 crore during the same quarter last year.
The total income from operations grew 14.6% to Rs 1,172.20 crore during the quarter as against Rs 1,022.76 crore during the corresponding quarter last year.
The growth was supported by the lower net credit losses, which is the provisioning of the NBFC towards the non-performing assets, said Arul Selvan, Chief Financial Officer of the company.
The Gross NPA level was at 3.5%, comprising loans were overdue for four months, as against the comparable NPA of 3.6% registered at the end of June, 2016.
Disbursements during the quarter was Rs 4,444 crore, representing a growth of 21% over the same period last year.
The company disbursed Rs 3,247 crore in Vehicle Finance business during the quarter as against Rs 2,790 crore during the same quarter of previous year. This was possible on account of strong growth in its light commercial vehicle volumes and healthy growth in used vehicles, said the company. Home Equity disbursements grew to Rs 901 crore during the second quarter ended September 30, 2016, from Rs 770 crore during the same quarter of last year.
The Capital Adequacy Ratio (CAR) of the company was at 18.69% as against the regulatory requirement of 15%.