Chola net profit up 50%

Total income from operations grew 12.6% to Rs 1,114.81 crore during the quarter, compared with Rs 990.46 crore during the year-ago period

Murugappa Group's financial service firm Cholamandalam Investment and Finance Company has posted a growth of 50.4% in net profit at Rs 167.09 crore during the quarter ended June 30, 2016, on a consolidated basis compared to Rs 111.10 crore posted during the same period of previous fiscal year.

The total income from operations grew 12.6% to Rs 1,114.81 crore during the quarter, as compared to Rs 990.46 crore registered during the corresponding quarter of last year.

The capital adequacy ratio (CAR) of the company was at 18.73%, against the regulatory requirement of 15%.

The company's board of directors has approved issue of 80,000 secured or unsecured redeemable non-convertible debentures to raise around Rs 8,000 crore in one or more tranches on private placement basis. It has also approved to amend the Memorandum of Articles of Association of the Company to enable the company to solicit and procure insurance business as a composite corporate agent under the regulations, added the company.