Earnings Review
Cholamandalam Invest PAT up 24% YoY on rise in total income
This story was originally published at 16:56 IST on 31 January 2025
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--Cholamandalam Invest Oct-Dec net profit INR 10.87 bln
--Analysts saw Cholamandalam Invest Oct-Dec net profit INR 10.50 bln
--Cholamandalam Oct-Dec net profit INR 10.87 bln vs INR 8.76 bln year ago
--Cholamandalam Oct-Dec revenue INR 67.09 bln vs INR 49.60 bln year ago
--Cholamandalam Apr-Dec net profit INR 29.92 bln vs INR 23.65 bln year ago
--Cholamandalam Apr-Dec revenue INR 187.21 bln vs INR 134.57 bln year ago
--Cholamandalam to pay INR 1.30 per share interim dividend
--Cholamandalam gross NPA ratio 4.00% as on Dec 31 vs 3.78% on Sept 30
--Cholamandalam net NPA ratio 2.66% as on Dec 31 vs 2.48% on Sept 30
--Cholamandalam AUM INR 1.89 tln as on Dec 31, up 34% on year
--Cholamandalam Oct-Dec disbursements INR 258.06 bln, up 15% on year
--Cholamandalam Oct-Dec vehicle fin disbursements INR 143.90 bln, up 16% YoY
--Cholamandalam Oct-Dec loan against property disbursements INR 42.05 bln
--Cholamandalam Oct-Dec home loan disbursements INR 18.20 bln, up 15% YoY
By Siddhi Chauhan
MUMBAI – Cholamandalam Investment and Finance Co. Ltd.'s net profit witnessed robust growth in net profit for the December quarter on the back of a sharp rise in total income and assets under management. The non-banking financier's net profit beat analysts' estimate of INR 10.50 billion.
Cholamandalam's net profit rose 24% on year to INR 10.87 billion in the Oct-Dec quarter. Sequentially, the company's profit rose 12.8%. A rise of 35.7% on year in the company's total income contributed a major portion to its profit. The non-banking financier's total income for the December quarter stood at INR 68.12 billion, against INR 50.19 billion for the corresponding quarter the previous year. Sequentially, the company's total income rose 8.3% to INR 62.93 billion.
Total income rose as interest income for the December quarter rose 33.6% on year to INR 61.59 billion. Sequentially, the firm's interest income rose 6.8%. A 30.9% rise in income from fees and commissions also supported the company's bottom line. Income from fees and commission rose to INR 42.30 billion in Oct-Dec, while the rise on a quarterly basis was just 2.9%. Meanwhile, the firm's other income rose 74.9% on year in Oct-Dec to INR 10.31 billion. Sequentially, other income rose 55.9%.
For the nine months ended December, the net profit rose to 29.92 billion from INR 23.65 billion in the year-ago period. Revenue for the period rose to INR 187.21 billion from INR 134.57 billion.
The company's assets under management grew 34% on year to INR 1.89 trillion, while disbursements increased 15% on year to INR 258.06 billion. Of the disbursements, loans against property grew 23% on year to INR 42.05 billion. Secured business and personal loan financing rose 18% on year to INR 3.31 billion, while vehicle finance disbursements rose 16% on year to INR 143.90 billion. Meanwhile, home loan disbursements rose 15% on year to INR 18.20 billion in the quarter ended December.
The lender's asset quality deteriorated in Oct-Dec. As on Dec 31, the lender's gross non-performing assets rose to 4% from 3.78% a quarter ago, while the net non-performing asset ratio rose to 2.66% from 2.48%.
Stage 3 levels indicating loans due over 90 days rose to 2.91% as of Dec 31 from 2.83% a quarter ago. At the end of the December quarter, the provision coverage ratio of the lender was 44.10% against 44.49%. The company's board has approved interim dividend of INR 1.30 per share for 2024-25 (Apr-Mar).
Shares of the non-bank financial company ended 0.5% higher at INR 1,285.85 on the National Stock Exchange on Friday. The company announced its earnings during market hours. End
Edited by Avishek Dutta
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