Cholamandalam Finance Holdings Ltd Q2 net surges

Cholamandalam Finance Holdings Ltd has reported standalone net for the quarter ending September 30, 2021 at Rs 21.42 crore, the company said on Tuesday.

The-city-based Murugappa Group company had reported standalone net loss at Rs 3.42 crore during corresponding quarter previous year.

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For the six month period ending September 30, 2021 standalone net stood at Rs 20.49 crore as against a net loss at Rs 6.78 crore during the corresponding period last year.

Total income on a standalone basis for the quarter under review grew to Rs 28.27 crore from Rs 2.53 crore registered in the same period last fiscal.

Total income for the half year ending September 30, 2021 on a standalone basis grew to Rs 30.39 crore from Rs 5.05 crore registered during corresponding period last fiscal.

Cholamandalam Investment and Finance Company, in which Cholamandalam Financial Holdings Ltd holds 45.44 per cent stake, witnessed several positives including the waning of Covid-19 second wave, India outpacing other countries in terms of increased vaccination drive and a good monsoon. "These events have led to expectations of a swift revival of Indian economy," it said.

The assets under management grew by one per cent to Rs 75,063 crore as at September 30, 2021 as compared to Rs 74,471 crore as at September 30,2020.

Cholamandalam MS General Insurance Company Ltd, a subsidiary in general insurance business, in which Cholamandalam Financial Holdings holds 60 per cent stake, registered a Gross Written Premium of Rs 1,304 crore during the quarter ending September 30, 2021 as against Rs 1,174 crore in the corresponding quarter of previous year.

Profit after tax for the quarter ending September 30, 2021 was at Rs 39 crore as against Rs 74 crore in the corresponding quarter previous year.

The reduction in PAT for the quarter ended September 30, 2021 was primarily on account of Covid-19 claims of Rs 66 crore and "accelerated amortisation of deferred acquisition costs of Rs 139 crore relating to long term policies pursuant to regulatory communication."

Cholamandalam MS Risk Services Ltd, a joint venture company registered total income of Rs 13.53 crore for the quarter ending September 30, 2021 as against Rs 9.25 crore in the corresponding quarter previous year.

The Profit After Tax for the quarter ending September 30, 2021 is Rs 1.12 crore as against Rs 26 lakh in the corresponding quarter of previous year, the statement added.