Cholamandalam Investment and Finance Q1 results: Q1 standalone profit stands at Rs 565.66 Cr

Cholamandalam Investment and Finance Company Ltd has reported a standalone profit for the quarter ending June 30, 2022 at Rs 565.66 crore, the company said on Saturday.

The city-based company had registered standalone profit at Rs 326.80 crore during corresponding quarter previous year.

For the year ending March 31,2022 standalone profit was at Rs 2,146.71 crore.

The standalone total income during the quarter under review grew to Rs 2,770.93 crore from Rs 2,478.21 crore registered same quarter last year. For the year ending March 31, 2022 standalone total income stood at Rs 10,138.77 crore.

In a statement, the company said consumer confidence continued to improve with the economy growing at 14-15 per cent in Q1 in spite of the higher than expected inflation and tightening of monetary policy by the Reserve Bank.

Aggregate disbursements in Q1 were at Rs 13,329 crore as against Rs 3,635 crore registered in same period last year which was impacted due to COVID-19 second wave, resulting in lower disbursements and profitability.

Vehicle finance disbursements were at Rs 8,562 crore during the quarter under review as against Rs 2,846 crore registered corresponding quarter previous year.

Loan against property including affordable segment disbursed Rs 2,169 crore in Q1 FY 2023 as compared to Rs 386 crore registered same period last year.

The assets under management as of June 30, 2022 stood at Rs 86,703 crore as compared to Rs 75,763 crore as of June 30, 2021, it added.