Cholamandalam Investment Q1 PAT climbs 28% YoY to Rs 726 cr

Profit before tax stood at Rs 967.53 crore during the first quarter, up 27% from Rs 761.73 crore posted in Q1 FY23.

Net income margin stood at 7.3% as on 30 June 2023 as compared with 8% as on 30 June 2022.

Aggregate disbursements in Q1 FY24 were at Rs 20,015 crore as against Rs 13,329 crore in Q1 FY23, registering a growth of 50%.

Vehicle Finance (VF) disbursements surged 32% to Rs 11,301 crore in Q1 FY24 from Rs 8,562 crore in Q1 FY23.

Loan Against Property (LAP) business disbursed Rs 2,679 crore in Q1 FY24, as against Rs 2,036 crore in Q1 FY23, with a growth rate of 30%.

Home Loan (Affordable HL and Affordable LAP) business disbursed Rs 1,454 crore in Q1 FY24, as against Rs 611 crore posted in Q1 FY23, registering growth of 138%.

Assets under management as of 30 June 2023, grew by 42% at Rs 122,755 crore as compared to Rs 86,703 crore as of 30 June 2022.

The NBFC's asset quality as at end of June 2023, represented by stage 3 levels improved to 3.06% in June 2023 from 3.01% in March 2023. GNPA % as per RBI norms also has reduced to 4.30% in June 2023 as against 4.63% in March 2023 and NNPA as per RBI norms has come down to 2.82% in June 2023 against 3.11% in March 2023.

The company continued to hold a strong liquidity position with Rs 7,069 crore as cash balance as of the end of June 2023 (including Rs 1,500 crore / Rs 1,600 crore invested in Gsec / TBill shown under investments), with a total liquidity position of Rs 9,479 crore (including undrawn sanctioned lines). The ALM is comfortable with no negative cumulative mismatches across all time buckets.

The capital adequacy ratio (CAR) of the company as on 30 June 2023, was at 17.44% as against the regulatory requirement of 15%. Tier-I capital was at 15.14% and Tier-II capital was at 2.30%.

Cholamandalam Investment & Finance Company is engaged in the business of providing vehicle finance, home loans and Loan against property.

The scrip declined 2.45% to currently trade at Rs 1,102.90 on the BSE.

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