Cholamandalam’s Q1 PAT increases by 73%

Cholamandalam Investment & Finance Company, on Friday, posted a 73 per cent growth in standalone net profit for the first quarter at ₹565.66 crore. The company posted a net profit of ₹326.80 crore for the same quarter of the previous fiscal.

The Murugappa Group-owned NBFC’s standalone revenue from operations grew over 12 per cent year-on-year to ₹2,745.10 crore (₹2,466.89 crore) during the April-June quarter.

Disbursements witnessed a robust growth of 267 per cent y-o-y at ₹13,329 crore during Q1 FY23 against ₹3,635 crore during the first quarter of the previous fiscal, which was impacted by second wave of Covid, resulting in lower disbursements and profitability.

“Consumer confidence continued to improve….in spite of higher-than-expected inflation and tightening of monetary policy by the RBI,” said the company in a press release.

“Chola delivered best-ever first quarter disbursals, collections, and profitability with domestic auto sales zooming 55% in the current quarter, albeit on a low base, and sustained growth momentum in residential unit sales,” it added.