Cholamandalam Investment and Finance Co. Ltd. (CIFCL) standalone net profit for the December quarter rise 28% to ₹876 crore over the year earlier period due to all-round growth in business segments.
Disbursements were up 27% to ₹22,383 crore and net income by 41% to ₹2,580 crore. Net interest margin slid to 7.4% from 7.6%. Total Assets Under Management rose 36% to ₹1,41,143 crore, the financial services arm of Murugappa group said in a statement.
Vehicle finance disbursements grew by 18% at ₹12,354 crore aided by a steady growth in used volumes. Loan Against Property business grew by 51% at ₹3,409 crore and Home Loans grew by 48% at ₹1,587 crore driven by branch expansion into tier-3 and tier-4 locations. Disbursement growth in the three new businesses was 33%.
Small and Medium Enterprises Loan business disbursed ₹1,981 crore registering 11% growth, Consumer and Small Enterprise Loans segment disbursed ₹2,773 crore marking 48% growth and the Secured Business and Personal Loan segment disbursed ₹280 crore.
CIFCL continues to hold a strong liquidity position with ₹7,742 crore as cash balance as of December 2023.
Gross non performing asset reduced to 3.92% from 5.37% and net NPA to 2.56% from 3.76%. Capital Adequacy Ratio stood at 19.37%.
The board declared an interim dividend of ₹1.30 per share to be payable by February 24.
