Cholamandalam Investment Q3 net profit more than doubles: Murugappa Group

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Cholamandalam Investment and Finance Company. Cholamandalam Investment and Finance Company.
SummaryThe Chennai-based company reported a consolidated net profit of Rs 81.51 crore for the quarter.

Cholamandalam Investment and Finance Company, part of the USD 4.4 bn Murugappa Group, has reported a 100.9 per cent jump on its consolidated net profit for the quarter ending December 31, 2012.

The Chennai-based company reported a consolidated net profit of Rs 81.51 crore for the quarter ending December 31 2012 from Rs 40.56 crore registered in the same period of the previous year.

For the nine month period ending December 31, 2012, consolidated net profit rose by 103.75 per cent to Rs 220.50 crore from Rs 108.22 crore registered during the corresponding period of previous year, a company statement said.

Consolidated income from operations for the third-quarter ending Dec 31, 2012 stood at 657.37 crore as against Rs 461.16 crore registered during the same period last year.

For the nine month period ending December 31, 2012 consolidated income from operations surged to Rs 1,787.17 crore from Rs 1,217.83 crore registered in the corresponding period last year.

The company said it obtained approval from the board to raise Tier-I capital upto Rs 300 crore on private placement basis, including by way of Qualified Institutional Placement (QIP). "The postal ballot seeking approval of the shareholders for the issue is in progress", it said.

It said aggregate disbursements for the quarter ending December 31, 2012 rose by 36.3 per cent to Rs 3,114 crore from Rs 2,283 crore during corresponding quarter of the previous year.

The board recommended an interim dividend of Rs 2.50 per share to its shareholders, the statement added.

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