Cholamandalam Investment net profit flat at Rs 307 crore

By: |
Published: November 6, 2019 3:57 AM

The total income in Q2 grew to Rs 2,197.01 crore from Rs 1,675.15 crore, registering a growth of 31%.

Cholamandalam Investment, Cholamandalam Investment net profit, Murugappa group, Cholamandalam Vehicle finance businessArun Alagappan, executive director, Chola, said: “In Q2FY20, we were able to register a growth of 7% in our disbursements over Q2FY19, in spite of severe slowdown in the market.”

Cholamandalam Investment and Finance Company (Chola), the financial services arm of the Murugappa group, on Tuesday reported a flat net profit at Rs 306.97 crore for the second quarter of FY20 compared to Rs 304.68 crore in the same quarter last fiscal.

The total income in Q2 grew to Rs 2,197.01 crore from Rs 1,675.15 crore, registering a growth of 31%. The disbursements for the quarter grew by 7% to Rs 7,381 crore against Rs 6,899 crore. Vehicle finance business vertical clocked a volume of Rs 5,796 crore against Rs 5,609 crore.

Arun Alagappan, executive director, Chola, said: “In Q2FY20, we were able to register a growth of 7% in our disbursements over Q2FY19, in spite of severe slowdown in the market.”

Arun Alagappan new MD

The board of directors has approved the appointment of Arun Alagappan as the managing director of the company for a period of five years effective November 15.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Ircon International’s consolidated net profit rises 16 per cent to Rs 115 crore in March quarter
2India’s fuel demand continues to recover in June, up 11 per cent over May
3Sensex, Nifty end the week in red; top factors that steered the stock market today