Cholamandalam Investment and Finance Company on Tuesday posted a 24% year-on-year rise in net profit in January-March owing to a growth in its assets under management. The company posted a bottomline of Rs 1,058 crore in the quarter.
Business assets rose 37% y-o-y to Rs 1.5 trillion as on March 31. Vehicle loans and loan against property comprises 79% of the overall business assets of the bank.
Disbursement rose 18% y-o-y to at Rs 24,784 crore in the March quarter. Vehicle finance assets rose 26% y-o-y to Rs 84,498 crore as on March 31. Net income rose 41% y-o-y to Rs 2,913 crore in the quarter, while net income margin was unchanged at 7.8%.
Gross stage 3 asset ratio improved to 2.48% as on March 31 from 3.01% a year ago. Net stage 3 asset ratio fell to 1.3% as on March 31 from 1.6% a year ago.