 "December quarter results: Analysts expect tepid numbers")
Cholamandalam Investment and Finance Company Ltd (Chola), the financial services arm of the Murugappa Group, has posted a 28 per cent rise in net profit during the third quarter of the financial year 2023-24 to Rs 876 crore, compared to Rs 684 crore during the same period in 2022-23.
During the period under review, its total income increased by 49 per cent from Rs 3,375 crore last fiscal to Rs 5,019 crore this year. The company's assets under management (AUM) were seen up by 36 per cent from Rs 1,03,789 crore in the third quarter of FY23 to Rs 1,41,143 crore during the October to December quarter of FY24.
Stage 3 levels reduced to 2.82 per cent as of December 2023 from 2.96 per cent as of the end of September 2023. The company’s gross non-performing asset (GNPA) has reduced to 3.92 per cent as of December as against 4.07 per cent in September. Its net NPA dropped to 2.56 per cent as of December against 2.59 per cent in September.
Aggregate disbursements in Q3 FY24 were at Rs 22,383 crore as against Rs 17,559 crore in Q3 FY23, with a growth of 27 per cent. Vehicle Finance (VF) disbursements were at Rs 12,354 crore in Q3 FY24 as against Rs 10,446 crore in Q3 FY23, registering a growth of 18 per cent.
Loan Against Property (LAP) business disbursed Rs 3,409 crore during the quarter, as against Rs 2,255 crore during the same period last fiscal, with a growth rate of 51 per cent.
Home Loan business disbursed Rs 1,587 crore in Q3 FY24, as against Rs 1,072 crore in Q3 FY23, registering a growth of 48 per cent. Small and Medium Enterprises Loan (SME) business disbursed Rs 1,981 crore in Q3 FY24, registering an 11 per cent growth over Rs 1,782 crore in Q3 FY23.
