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.