Cholamandalam Investment net profit surges 24% to Rs 853 crore in Q4

Cholamandalam Investment and Finance Company Ltd (CIFCL), the financial services arm of diversified conglomerate Murugappa Group, posted a 24 per cent increase in net profit during the fourth quarter of 2022-23 to Rs 853 crore, as compared to Rs 690 crore during the same period in 2021-22.

During the quarter, its net income also saw a 32 per cent rise to Rs 2,060 crore as against Rs 1,561 crore during the January-March quarter of 2021-22.

CIFCL’s disbursements during the quarter zoomed 65 per cent to Rs 21,020 crore, up from Rs 12,718 crore. By the end of March 2023, the company’s total assets under management (AUM) was seen at Rs 1.06 trillion, up 38 per cent from Rs 76,907 crore.

Its gross non-performing assets (NPAs) declined to 4.63 per cent in March 2023 as against 6.82 per cent  in March 2022 and net NPA at 3.11 per cent in March this year against 4.85 per cent in March last year. During the financial year FY23, its net profit increased by 24 per cent to Rs 2,666 crore, up from Rs 2,147 crore the previous year. Net income during the period also saw a 24 per cent increase to Rs 7,229 crore.

Interestingly, disbursements during the year under review increased by 87 per cent to Rs 66,532 crore from Rs 35,490 crore in FY22.